Barley also wants to change broker payments when buying real estate

The buyer pays the agent even though the seller hires him – that’s a common way of doing things, says Attorney General Barley. And want to change the principle.

Attorney General Barley wants to change the brokerage fee when buying property.

BUnfair Justice Minister Katarina Barley (SPD) wants to ensure that in the future, when buying and selling apartments and houses, the person who hires him pays the broker – as is already the case with rentals. “It is becoming increasingly difficult to finance a home of their own, especially for young people and families. Often buyers have to bear enormous brokerage costs even though the seller has hired the broker, “said the SPD politician of the” Süddeutsche Zeitung “. With the new regulation, buyers should be relieved of the ancillary costs of real estate acquisition.

According to the report, according to an estimate by the Federal Statistical Office, 500,000 residential properties change hands every year in Germany. Brokers are involved in almost two out of three cases – with a commission of up to 7.14 percent of the purchase price. For a property costing 400,000 euros, this amounts to almost 30,000 euros.

Savings of three billion euros

Especially in the regions with a great housing shortage, it is common for the commission to be paid by the buyer alone. For Barley it is clear that the principle “whoever orders, pays” must also apply to property purchases. “That ensures real competition and fair prices for brokerage costs,” the minister told the newspaper.

According to “SZ”, the Ministry of Justice expects that the income of the brokers will decline by ten percent or 600 million euros due to loss of orders. In addition, lower income is to be expected due to falling commissions. For buyers, on the other hand, savings of up to three billion euros would result.