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Looking to Buy or Sell in the GTA, But Wondering Who Pays The Realtor ?

Who Pays The Realtor?

 

This is a common question that regularly comes up amongst buyers and sellers. Some home buyers and sellers might be a little embarrassed to ask this question but the fact of the matter is, a lot of people are in the dark as to who pays for what when it comes to real estate

How it Works?
If you hire a real estate agent to sell your house – referred to as a listing agent, or you find an agent to help you buy a house (buyer’s agent), you’ll be paying a commission, not a fee, for the successful sale or purchase of a house. Generally speaking, the listing agent earns the commission for a successful sale, the commission is split with her office, sometimes called the broker, and the buyer’s agent and their office.

So Who Pays?
Well, the buyer sees the price tag and pays the whole sum, whereas the seller gives a portion of the proceeds to the listing agent.

So.. essentially both parties pay.
The seller because they don’t get the entire sum, and the buyer because the house would be cheaper if the commission were to come off the final sales price paid.

But What Happens if the Deal Falls Through?
If the deal falls through, meaning the house does not sell then neither parties get paid. Commission for agents only occur when deals are signed sealed and processed. If there is no purchase then essentially the realtor is not getting paid.

 

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Posted: Thursday, December 04, 2014 10:35 AM by Sutton Realty

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