How The Real Estate Commission Works?

The commission rates for real estate agents usually vary i.e. 5 to 6 % of the sale price of the home. Also, in most of the areas, the agent of the buyer receives about 2.5 % to 3% in commission. The agent of the seller also receives 2.5% to 3% in commission.

Who Pays The Commission?

In case you are buying a home, you do not have to pay real estate agent commission. However, sometimes, you still have to pay the closing costs. In case you are selling a home, you have to pay a commission to both your agent and also the agent of the buyer whenever your house closes.

Can You Negotiate Commission Fees?

There are some agents who will lower their commission fees in case they are representing both the seller and also the seller in a home sale.

How Does Commission Work For The Buyers?

Usually, the home seller pays the commission for both the buyer’s agent and also the seller’s agent. But, it does not mean that there is no cost to the buyer. Sometimes, the sellers also account for the fee which they will be paying.

Always, the real estate agents are paid at the end of the process and so, if you do not buy a home, they would not be is for their time.

Final Words

If you have homes for sale in London Ontario, then you should be well aware of the real estate commission works.

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