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How do commission payments work in Minnesota? Who pays them—the buyer or the seller?
In the state of Minnesota, the seller always pays the commission. This includes the total commission for both the buyer’s agent and the seller’s agent.
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There’s a lot of value and service being provided for the money sellers spend on commission.
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When you purchase a home, it doesn’t cost you any money in terms of paying a commission to the agent you’re working with. When you sell a home, you’ll pay for the selling process and the buyer’s agent’s commission.
A commission gets split among four different people, and this split occurs before any taxes or home selling expenses are paid:
1. The seller’s representative
2. The selling agent’s broker
3. The buyer’s agent’s broker
4. The buyer’s agent
As a seller, that can seem like a lot of money being shelled out to so many people, but there is a lot of value and service being provided for the money you’re spending.
I know this subject can get a little confusing, so if you have any questions about commissions or you’re interested in selling your home, don’t hesitate to give me a shout. I’d love to help you!
