It’s definitely possible to purchase real estate without paying a commission since those fees are typically paid by the seller. However, there will be a variety of real estate-related expenses that are the responsibility of the buyer.

If you’re buying real estate, you’ll quickly discover that even though you’re not paying the real estate agent’s commission, you’ll still have significant out-of-pocket expenses. It begins with the down payment, which can range from as little as 3 percent to as much as 20 percent.

In some instances, there will be a good faith or “earnest money” deposit – usually 1 to 5 percent of the purchase price. The amount can vary and is used to demonstrate that you’re serious about making the purchase. It’s applied to closing costs at the time the contract is finalized.

Closing costs can vary widely, depending on your location, the price of the real estate and the type of loan you have. To be sure you have the needed funds, count on 5 percent for closing costs, even though they might be less. Some lending institutions are willing to incorporate closing costs into the home loan amount.

Depending on how motivated an individual is to sell, they might be willing to negotiate a deal to pay some or even all of the closing costs. The cost of the property may also be higher than similar properties in the area because the seller intends to cover closing costs.

There’s no one-size-fits-all in closing costs since much will depend on the home itself. Inspection fees are another expense that buyers will typically be asked to cover, though the fees may also be part of the closing costs. Some sellers may be willing to pay for the home inspection if they’re confident their home is code-compliant to facilitate the purchase. In summary, buyers don’t pay commission fees, but they will be responsible for a variety of other costs related to the sale.

Located in Boca Raton Florida Camino Real Realty is Boca Raton’s Premier Flat Fee Real Estate Agency. Camino Real Realty has been providing Flat Fee Real Estate Services to Palm Beach residents for Years! For more information on how we can help you sell your house while saving thousands in the process contact Tamara Aristy today 954-213-5310