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#453186 - 06/26/16 01:05 PM 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!

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#453190 - 06/27/16 05:38 AM Re: giving away real estate commission to buyers [Re: realestatetime]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7766
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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