Buying a home, do I need to pay extra now?

Following the August 2024, NAR settlement, commissions are no longer advertised on Multiple Listing Services (MLS), making fees fully negotiable. While sellers previously paid both agents, buyers may now be responsible for their agent's compensation, often negotiated directly via mandatory written agreements. Sellers can still choose to offer buyer agent compensation, but it cannot be listed on the MLS. Keith Jean-Pierre Managing Principal The Dapper Agents Operations In: NY, NJ, FL & CA

Beyond your down payment, Florida homebuyers should be prepared for closing costs that typically range from 2 to 5 percent of the loan amount, which covers lender fees, title insurance, documentary stamp taxes on the mortgage, prepaid interest, homeowners insurance, and escrow reserves for property taxes. These costs are in addition to your down payment and are generally due at closing. In Lecanto, Citrus County, Florida, buyers also need to account for costs specific to rural and semi-rural properties, which are common in that area, such as well and septic inspections, surveys, and wind mitigation reports that insurers increasingly require. Citrus County also has relatively modest property tax rates compared to many Florida coastal counties, which can help with long-term affordability. Ask your lender for a Loan Estimate within three business days of your application, which will itemize every anticipated cost. Comparing that document to your Closing Disclosure before you sign at the table is essential. Some fees are negotiable and some are fixed, and knowing the difference helps you budget accurately and avoid last-minute funding gaps. A buyer agent who knows this market can flag local cost variables that out-of-area lenders sometimes miss. Kevin Neely & Kaitlynd Robbins | K2 Sells, Keller Williams Elite Partners

Legislation changed in August of 2024, which requires a Buyer Representation Agreement between you and your agent. There are options as to who can/will pay the buyer agent compensation. That is why the agreement is necessary so all of this can be determined upfront.

By Law since 08/17/2024 every buyer must sign BRE CAR form as an agreement with your buyer agent to show you any house. Buyer Representation Agreement (BRE) the commission is negotiable, that means that you commit to your buyer agent to pay commission but also with this form the buyer agent can negotiate that the seller pays the commission to the buyer agent, that is why the commitment between buyer agent and buyer signed the BRE CAR Form is necessary.