Deciphering Buyer's/Broker's Agency Contracts
Hello all,
I just have a quick question. I recently received a non-exclusive contract from my real estate agent so he can represent me. There's one sentence in there that I don't completely understand. It basically says that the broker's fee will either the the "selling commission" listed on the MLS or 3% of the purchase price, whichever is greater. I get the 3%, but I don't understand the first part. I don't want to go into a deal with some unknown broker fee that won't be disclosed until closing. Can someone explain what a "selling commission"? Is that something I pay? Can I as a buyer even see this "selling commission" if it's listed in MLS?
In case location is relevant, I'm looking at KS and MO.
Carlos O.