Paying the realtor – how does this occur?
The realtor receives the commission cheque from buyer’s lawyer prior to the buyer sending any net sale proceeds over to the seller’s lawyer. Normally, the buyer’s realtor holds a deposit cheque, and will deduct its commission from the deposit funds, then remit the balance, if any, to the buyer’s lawyer. The buyer’s lawyer then pays the seller’s realtor directly on closing, and remits the purchase price, less the real estate commissions (and other possible adjustments) to the seller’s lawyer.
- What is a Property Condition Disclosure Statement?
- What is the difference between the completion date, possession date and the adjustment date and how does this affect me as a seller?
- I have a mortgage to pay out on closing – how do I get this done?
- What charges can I expect when paying out my mortgage?
- Why is my prepayment penalty higher than I thought?
- What are my closing costs?
- Paying the realtor – how does this occur?
- How are the property taxes, utilities, pad rent, strata fees or other adjustments dealt with when selling a property?
- What happens if I can’t afford to clear title to the property?
- What must I do if I am not a resident of Canada and I want to sell my property?