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.

Copyright © 2016-Present | Montgomery Miles & Stone Law Firm. All Rights Reserved
Website Powered by Cutting Edge Concepts