.


Links

The Blog
Home
Contact Me

Lecture Notes: Contracts

[click one]

 

Real Estate Brokers:


Broker: the broker is licensed. Most often, the broker wil have licensed agents working for the broker, all of whom can represent sellers in procuring sales. Payment for the broker/agent services is in the form of a commission, a percentage of the price in the contract for sale, typically, 6 or 7 per cent.

 

Sales agent contracts generally specify that the broker/agent earns a commission once a willing and capable buyer and the seller are matched up, even if for some reason the deal doesn't go through. The contract is geneally a listing agreement, which gives the broker/agent the exclusive right to list the property, and to procure the cause of the sale within time agreed.

 

The broker/agent is responsible to the seller, to get the best price for the seller. Even if the buyers are going through an agent, the agent is not obligated to get them the lowest price. The "buyer's agent" and the listing agent will split the commission on the listing contract between them. It is the seller who is paying the commission.