Broker fees when buying home from parents?

My husband and I are buying his parents house (one of them). They are gifting us the equity in the house and selling it to us at cost. My question is how much are the broker fees in this transaction? I know they typically charge a percentage of the sale but this is a relatively simple transaction (there was no work on their part to find the house and the price was predetermined before hand). Since this is our first house, I want to be sure that we don't get hosed by the broker.Broker fees when buying home from parents?
Just hire a RE lawyer, it will be about 500. The main thing you will be worried about is the taxes involved with the gift, he will help make sure you or your parents do nothing illegal that will haunt you later.Broker fees when buying home from parents?
In this situation, you don't need a broker. The brokers job is to find a buyer for the home; or to find a home for the buyer and either way to ensure the interests of the seller or buyer are represented. A standard purchase and sale form as well as all required disclosures most agents will provide for free or worst case scenario, a store like Staples or Office Depot will have them for sale. You will need a title attorney or escrow company to do the title search and record the new deed etc.
If you haven't retained an agent, you don't need one. This is a family affair. A title insurance company can handle the closing, all they need from you is a contract outlining the details and signed by both parties. If you have been working with an agent to find a home and then learned of the deal from your parents, you still don't owe. Your ';buyer's'; agent would have been paid by the seller thru the listing agent. Now, if you feel obligated then offer him/her a flat fee for helping you with the paperwork and assisting in closing.





realtor.sailor
You can hire an attorney or you can contact a flat fee Real Estate broker to handle it for you. If you need help finding a broker who will give you a deal let me know.
You don't need a broker, just a lawyer who knows about real estate and taxes.


I did not use a broker when I was gifted my parents house.