11-02-2006, 04:46 AM
Can I play?
It would appear that Hawaii law allows an agent to represent the buyer with fiduciary duty only to that buyer. (The agent is of course actually a sub-agent of the broker he works for). A conflict arises when the seller of the property in question is also represented by the same broker. A disclosure is then required and a new agency relationship can develop in which the broker/agent is supposed to be neutral. It appears, in Hawaii, that the seller is still required to pay the selling broker a commission although he may not have represented him. Therefore the seller is paying the commission and the buyer is not paying a fee.
If you represent the seller you explain that the buyer is in effect paying the commission. If you represent the buyer you explain that the commission comes out of the sellers pocket
In some places (not Hawaii it appears) the seller is not obligated to pay a commission to the selling broker as he did not represent him. In those areas the buyer pays a fee directly to the buyers agent(broker)for his services.
Johns?
S. FL Islander to be
Edited by - oink on 11/02/2006 08:47:12
It would appear that Hawaii law allows an agent to represent the buyer with fiduciary duty only to that buyer. (The agent is of course actually a sub-agent of the broker he works for). A conflict arises when the seller of the property in question is also represented by the same broker. A disclosure is then required and a new agency relationship can develop in which the broker/agent is supposed to be neutral. It appears, in Hawaii, that the seller is still required to pay the selling broker a commission although he may not have represented him. Therefore the seller is paying the commission and the buyer is not paying a fee.
If you represent the seller you explain that the buyer is in effect paying the commission. If you represent the buyer you explain that the commission comes out of the sellers pocket
In some places (not Hawaii it appears) the seller is not obligated to pay a commission to the selling broker as he did not represent him. In those areas the buyer pays a fee directly to the buyers agent(broker)for his services.
Johns?
S. FL Islander to be
Edited by - oink on 11/02/2006 08:47:12
Pua`a
S. FL
Big Islander to be.
S. FL
Big Islander to be.