The real estate agencies charge their fees only when they manage to close the sale of an apartment and before the sale or purchase transaction takes place. However, this commission as a rule is not usually regulated by any legal institution and, on the contrary, the amount charged for the sale of a property will depend on the influence of different factors. Are you interested in knowing more? Below you will find more information about it
Does it vary depending on the type of apartment or house?
An important point to consider is the fact that when deciding whether to hire a real estate agency is to know that it will charge for its services, therefore if it is decided for its hiring it is important to consider the payment of fees as an investment and Not as an expensive expense.
According to experts in the field, charges commission for the sale of a flat depending on the type of housing. If it is a new home , the commission charge is around 3% ; If the apartment is within the range of “second hand ” housing , the commission charge rises up to 5% . However, factors such as the location area where the property is located, or if the flat is located in the area of the coast, also influence the commission prices, where commission prices rise up to 6% .
According to the Professional Association of Real Estate Experts, the final commission price for the sale of a flat or house is 3%.
Real estate intermediaries develop an important job that is well worth a good remuneration. In general, they work for both parties: the client-seller , he trusts the agent in the marketing and sale of his house. For its part, the client-buyer puts the search for a home that meets their interests and expectations in the hands of the real estate agent. The real estate agents are in charge of contacting both parties to carry out a transaction and to help the purchase and sale of an apartment, or the rental be carried out quickly and under the best conditions.
Who pays the commission and at what time?
The commissions or fees paid for the sale of an apartment are generally paid by the buyer . These expenses will always be included in the contract, specifically added to the total price of the house.
Payment of the commission can be made in two installments: the first installment is paid as an advance after the signing of the Contract. The second payment is made at the close of the negotiation when it is definitively signed in the public deed or notary. In those cases in which it is a negotiation for the intermediation of the rental of an apartment, the commission is usually paid at the time of signing the contract.
Can the client not pay the commission to the real estate agent?
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Yes, the client is not obliged to pay the commission to the real estate agency only in those cases in which the contract has an exclusivity clause that sets and establishes a specific time for the sale of the apartment. If during this time the sale operation is not closed or specified, the customer is entitled to not pay the commission.
However, if after the time of hiring the agency gets a buyer of the apartment, and it is shown that said buyer was a contact resulting from the management of the real estate offices, the agency will be entitled to charge the respective commission.
Another important point to consider is that if during the time of exclusivity, the owner manages to sell the apartment without the mediation of the real estate agency, it will not have the obligation to pay it, since that exclusivity contract only subject the owner to other real estate agents.
What are the services, responsibility and work of a real estate based?
The service and work provided by a real estate agent not only have to do with promoting the property, but also contributes to collaborate with your client as follows:
- Advise on when to the ideal price for the sale, since they know the areas and locations of the properties well.
- Get all the information of interest of floor and publicize it in the pertinent means.
- Manage and organize visits with potential buyers.
- It is responsible for discussing and agreeing on the final price of the flat.
- It is responsible for the drafting of the Contract (down payment) which aims to establish the formal aspects of the sale.
- Offer suggestions to the buyer in everything related to the mortgage according to the requirements of the different banking entities.