Buying or selling a home involves a lot of things, it also raises questions. In this column ‘Ask Bob’, real estate expert/broker Bob Bartikoski of RE/MAX Paradise Homes Bonaire answers a real estate question from a reader. This time:
Question: I am considering buying a house on Bonaire. While interviewing real estate agent to assist me with the transaction, one asked me to pay their fee directly to their personal bank account instead of through the Notaris office. Is this common practice on the island?
Using a buyer's agent to represent you can be a smart decision in some situations. Since the agent is representing you, it is normal for you to pay their fee.
The standard operating procedure on Bonaire is for all real estate agents and brokers to be paid through the Notaris office after the deed is successfully transferred. It is not normal or customary for buyers to send payment directly to the agent’s personal account. Agents are required to charge ABB/Sales Tax on their fee and submit that amount to the government. Handling payments through the Notaris ensures a paper trail for tax purposes.
If your real estate agent asks you to be paid directly, you should consider it a red flag. Quite often this request is part of a strategy to avoid paying taxes to the government. If a real estate agent is willing to cheat on their taxes, it raises questions about their integrity and honesty.
Before you make a final decision, ask yourself if that is the type of agent you want representing you in a transaction worth hundreds of thousands of dollars.
Are you looking for a reliable buyers agent? Then contact us today. Learn more about buying assistance here: Are you looking for a buyers agent on Bonaire?