A Short Guide Through Real Estate Rates
There are two possible options. In some cases, real estate commission is a percentage of the sale price of the property. This is the amount the real estate agent receives after the business has been conducted.
The second case is a flat rate real estate commission. This type of payment represents a fixed price which is agreed upon beforehand. It is considered a non-traditional since it is not based on the percentage of the price the property is sold for. It is typically compensated when the deal is closed.
It is different from a flat fee. A flat fee usually amounts to less than a flat rate and includes a smaller variety of services. Also, this type of rate is paid upon the listing agreement and not when the sale is finalized.
Buying and Selling
In order to buy a home, commission is not obligatory. You do, however, have to compensate the closing costs to your real estate agent. On the other hand, if you are selling your property you must compensate both your agent and the agent of the buyer upon finalizing the deal.
There is also the notion of dual agency. In this case, the agent works for both the buyer and the seller and is usually prepared to lower commission fees.
You are probably ecstatic if you are looking to buy property in Scottsdale. This town is a Western treasure. Reminiscent of another life it offers its Old Town as the perfect tour to the past. This part of the city also offers many amazing restaurants, fashionable clothing stores, bars, and art galleries.
Developing at a fast pace, this city is exciting and full of events. If you’re thinking about moving out there you can look forward to the people who are warm and friendly, and to some potential beautiful homes available.
Real Estate Issues
Many problems occur when people neglect certain aspects of the entire process. For example, people fail to carefully read the contract they’re signing and thus overlook potential problems.
There are also cases where people are dissatisfied with their real estate agents. Though, this is not a common problem it can be very frustrating. The upside is that you can change agents easily and that they get paid only when the deal is about to be closed.
In order to keep yourself safe, read the contract carefully and think about what kind of agent you want. It will be much more difficult to back out of a deal if you have already signed a contract with a specific agent.
Don’t hesitate to ask a lot of questions. After all, you are buying a home, not a candy bar. The real estate agent should have the proper patience to inform you about anything you might wish to know.
If, on the other hand, you are selling your home – do not fret. If there is no sale you probably won’t have to pay commission. Again, remember to look at the contract carefully because this legal document is what you’ve agreed upon regardless of the sale being finalized or not.