Will Miami Condo Buyers Have To Pay Retainer Fees To Work With Brokers?

Following the National Association of Realtors® $418 million settlement to resolve “antitrust claims,” the NAR has revised its policies to promote better transparency.

Juana Watkins is the general counsel for the Florida Realtors association, which has some 238,000 members in the sunshine state. (Image courtesy of YouTube)

Don’t be surprised if Miami condo purchasers are increasingly asked for upfront retainer fees from buyer brokers.

The nonrefundable retainer fees would be over-and-above any commissions the buyside brokers earn in working with consumers to purchase units.

Language about the retainer fees – which are optional, negotiable and prepaid – are getting great placement in the newly revised “Exclusive Buyer Brokerage Agreement” from the Florida Realtors® association.

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