Ask a REALTOR®: 30 Common Real Estate Questions Answered in 30 Days: Question 8: How does my agent get paid when selling my house?

Understanding Agent Fees: How Real Estate Agents Get Paid—Real Estate Q&A

Meta Description: Dive into the intricacies of real estate agent fees with our Day 8 Real Estate Q&A. Learn how agents are compensated in home sales, including negotiations, commissions, and closing procedures. Get insights to navigate the payment processes for a smooth transaction.

Welcome back to Day 8 of our real estate question series! Today’s topic answers an essential aspect of selling your home:

Question 8: How does my agent get paid when selling my house?

Agent fees in real estate transactions are negotiable and typically involve payments to both the seller’s and buyer’s real estate consultants.

As the seller, you’ll be responsible for paying your real estate consultant’s commission from the proceeds of the sale. Additionally, the buyers may negotiate for you to cover part or all their consultant’s commission during the negotiation process.

During the closing of the sale, the closing agents will handle the distribution of funds. They’ll use a document that outlines every fee in the transaction and specifies who is responsible for each fee. Fees may be added to one side and subtracted from another, such as property taxes, which are prorated based on the closing date.

The closing agents operate an escrow account where they hold money until it’s time to distribute it. This includes money from the lender (if applicable) and the earnest money provided by the buyer. Earnest money serves as proof of the buyer’s serious intent and can be forfeited to the seller if the buyer backs out without valid reasons.

Understanding these payment processes can help ensure a smooth closing and distribution of funds.

Tomorrow, we’ll discuss the typical closing costs that sellers may encounter. For any future questions or assistance with buying or selling your home, contact me at 405.401.0099 or visit https://daveparker.sites.c21.homes.

Wishing you a productive day until our next discussion!

For full text, visit video on our YouTube Playlist: https://www.youtube.com/playlist?list=PLOrIAsa07BvxMX7230jW_xOrrLzrBxPt0

Dave Parker, REALTOR®, License #204189, Phone (405) 401-0099.

Century 21 Judge Fite, 1220 S. Santa Fe, Edmond, OK 73003, Broker #154475. Contact (405) 359-7400. Email: Dave@mrdaverealty.com.

Website: https://daveparker.sites.c21.homes

Questions courtesy of Clever.com

KEYWORDS:

• Real estate agent fees
• Agent commission structure
• Negotiating agent fees
• Seller’s consultant payment
• Buyer’s consultant commission
• Closing costs breakdown
• Escrow account in real estate
• Earnest money explanation
• Seller’s closing responsibilities
• Distribution of funds at closing

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