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#453186 - 06/26/16 08:05 AM giving away real estate commission to buyers
realestatetime Offline
Junior Member

Registered: 05/16/16
Posts: 2
Loc: virginia
Our real estate agent is a broker and a family member and he promised to give 85% of his commission to us as a credit if we get him 3 more clients and we did and now we are closing our transaction soon so what shpuld I get from broker to make sure it's reflected on the cd/ hud-1. Thanks!

#453190 - 06/27/16 12:38 AM Re: giving away real estate commission to buyers [Re: realestatetime]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7811
Loc: Vermont's North-East Kingdom
If you know what the Broker's portion of the Commission is, then you ought to see a Debit to the Broker for 85% of this amount on the HUD-1, and a corresponding Credit entry to the Buyers for the same amount.

Having the Broker's commitment "in writing" may be helpful to the Closing Agent or Title Company; as this arrangement is a bit out of the ordinary.

Now, I'm not a Tax Accountant; but for the IRS, this may be considered a Taxable Event for both you and for the Broker, so you may want to consult your Accountant to determine whether you'll have to be paying taxes on the 85% that becomes Taxable Income to you (and to the Broker, even though he subsequently "gave it away").
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"


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