Selling a Home: Real Estate Commission
July 23rd, 2014 by SNJ
If you have hired a real estate agent to help you with the sale of your home, you will be required as a term of your agreement with the agent, to pay real estate commission for their services. The real estate commission is usually payable as a percentage of the purchase price obtained for the property being sold.
It is the usual practice of the real estate agents to retain the deposit and forward their statement of account for the balance of the real estate commission payable and GST applicable thereon, to your lawyer for payment. After receiving authorization from you, the law office will use the sale proceeds received from the buyer to pay the real estate commissions outstanding.
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