Terms & Conditions

Negotiability of Commissions

Real estate brokerage commissions, service fees, and compensation rates are not set by law and are fully negotiable between broker and principal.

Eligibility & Representation Requirements

This offer is available exclusively to clients who:

• Enter into an exclusive Listing Agreement with the Bigelow Real Estate Team;
• Enter into an exclusive Buyer Brokerage Agreement with the Bigelow Real Estate Team; and
• Complete both transactions — the sale of their current home and the purchase of their next home — through our brokerage.
• Both homes must be located in the Southwest MLS- Albuquerque, Rio Rancho, Placitas, Bernalillo, Corrales, Los Ranchos, Los Lunas, Tijeras, Sandia Park, Cedar Crest, Edgewood, & Moriarty.

The next home may be an eligible resale property or new construction.

Homes Outside the Southwest MLS Area

If the home you are selling or buying is outside of the Southwest MLS area, we believe it would be a disservice to you for us to take the lead role in a transaction in an area where we may not have the same local knowledge and experience.

Instead, we can help connect you with a qualified real estate broker who works in that area and can provide the local expertise you deserve.

When possible, the Bigelow Real Estate Team will request a 25% referral fee from the other broker’s brokerage compensation. For example, if the other broker earns a 3% brokerage commission, our referral fee would be 25% of the compensation they receive.

If a referral fee is received by our brokerage, we will credit that amount back to you.

This allows us to help you find appropriate local representation while still providing you with as much of the financial benefit as possible.

Commission Structure

Our standard listing agreement is written at a 3% listing brokerage commission, plus applicable New Mexico Gross Receipts Tax (NM GRT). However, when you buy your next home with us, your listing commission may be reduced or completely waived depending on the price of the home you purchase.

Buying a Home of Equal or Greater Value

If the home you purchase is the same price or more than the home you sell, we’ll waive 100% of our listing brokerage commission on the home you sell. In other words, you pay us 0% to list your current home.

Buying a Lower-Priced Home

If you decide to downsize or purchase a home that costs less than the home you sell, you still receive a significant savings. Instead of paying the 3% listing commission on the full sale price of your current home, you’ll only pay 3%, plus applicable NM GRT, on the difference between the sale price of your current home and the purchase price of your next home.

For example, if you sell your current home for $600,000 and purchase your next home for $500,000, the difference is $100,000. Your listing brokerage commission would be calculated on that $100,000 difference, rather than the full $600,000 sale price.

What Happens Depending on Which Home Closes First

Because the sale of your current home and the purchase of your next home may not close at the same time, the 3% brokerage commission, plus applicable New Mexico Gross Receipts Tax (NM GRT), is collected when the higher-priced home closes.

If the Higher-Priced Home Closes First

The 3% brokerage commission, plus applicable NM GRT, is collected at closing on the higher-priced home.

When the lower-priced home later closes, no additional 3% brokerage commission is charged on the lower-priced home.

If the Lower-Priced Home Closes First

The standard 3% brokerage commission, plus applicable NM GRT, is collected at closing on the lower-priced home.

When the higher-priced home later closes, the brokerage compensation is adjusted so that the total brokerage commission across both transactions equals 3% of the higher-priced home, plus applicable NM GRT.

Any amount already paid on the lower-priced home is credited toward the total amount due.

30-Day Purchase Timeline

If the home you are selling closes before you purchase your next home, you’ll have 30 calendar days from the closing date of your sale to enter into a fully executed purchase contract on your next home.

You do not have to close on your next home within those 30 days — you simply need to be under a binding purchase contract.

If you do not enter into a qualifying purchase contract within the 30-day period, or if you terminate your Buyer Brokerage Agreement with us, the 3% listing brokerage commission collected when your home sold will remain with the brokerage as compensation for the completed listing and sale.

Buying a New Construction Home

If your next home is a new construction home, it’s important that you let the builder know you are working with the Bigelow Real Estate Team before or during your first contact or first visit to the builder.

Builders have their own rules for registering a buyer’s real estate broker. If the Bigelow Real Estate Team is not properly registered with the builder according to their requirements, the purchase maynot qualify for the 0% listing commission.

If you’re thinking about visiting a model home or contacting a builder, we recommend contacting us first so we can make sure you’re properly represented from the beginning.

What Is Not Included

The 0% listing commission applies to our listing brokerage professional fee only. It does not mean there are no other costs associated with selling your home.

You are still responsible for any other costs that apply to your transaction. 

What Is Not Included

The 0% listing commission applies to our listing brokerage professional fee only. It does not mean there are no other costs associated with selling your home.

You are still responsible for any other costs that apply to your transaction. These may include, but are not limited to:

• Title insurance
• Escrow and settlement fees
• Recording fees
• Transfer taxes, if applicable
• Applicable Gross Receipts Tax
• Inspections, repairs, warranties, or other seller expenses
• Any buyer-broker compensation you independently choose to offer in connection with the sale of your home

These expenses are separate from our listing brokerage professional fee and are not included in the 0% listing commission.

Already Working With Another Real Estate Broker?

This offer is not intended to solicit buyers or sellers who are currently under an active exclusive representation agreement with another real estate brokerage.

Important Information

The 0% listing commission is subject to the terms of your Listing Agreement, Buyer Brokerage Agreement, applicable brokerage disclosures, builder requirements, and the specific circumstances of your transactions.

Real estate commissions and brokerage compensation are negotiable and are not set by law.

Eligibility for the 0% listing commission and the brokerage compensation for both transactions will be documented in the applicable written brokerage agreements.

 

Mike & Dawn Bigelow | Bigelow Team | 505-318-1000 | NMmoves.com