Getting commission when buying for yourself

[BrianChicago]

I'm looking at buying a condo for myself and wondering how commissions are handled when that happens. If I simply identify myself as the buyer broker as well, is that all that matters? Do they make a stink about giving you the commission? Will they have a check for you right at closing?

Thanks!

[Mert]

Commission checks are only and only written to buyer agencies (not the agents), and the agency has to be a member of the realtor organization (and yes it is checked). Email me though at mert @ falconliving . com. I might have a different solution for you.

[Thesa]

If you are with a company you should consult your office procedures if you work on your own... then a purchase is a purchase is a purchase and would be exactly the same - I am fairly certain that most states require you notifiy the seller in the contract that you are a licensed agent.

[Jennifer Allan]

You've probably already gotten the answer to this, but here's my two pennies... If you are both the buyer and the selling broker, there should be no problem taking the commission for yourself. Your office may want their share of the split and they are entitled to it. Many offices have a policy that their agents can buy one personal property and sell one personal property every year "split-free". Check into that.

You might also want to investigate the taxable implications of taking the commission - it will be considered income and subject to regular income tax and Social Security. If you simply reduce the purchase price by the amount of the commission, you'll only be taxed on the amount when you sell, and probably at a lower rate. I'M NOT A CPA, SO DON'T TAKE THIS AS GOSPEL!

Jennifer