Home Selling in Hinsdale>Question Details

Voices Member,  in

When is the commission paid for the sale of land?

Asked by Voices Member, Thu Feb 14, 2013

Do I pay the % commission before or after I receive the money for the sale?

Help the community by answering this question:

Answers

5
I don't think Illinois Real Estate law specifies when commissions are paid. This is a negotiable area.Although Illinois brokers are required to provide minimal services.

For example, there are some discount brokerages who charge a flat fee. Whether they are paid before or after a sale depends on the agreement betweent the broker and property owner.

However, since you specifically said "% commission", it would have to be after the sale - or how else would anyone know the $ amount.

In practice, most brokers work on contingency, meaning they don't get paid till the real estate sale closes at a title company or at an attorney's office.

Jim Broline
Remax Enterprises
jim@jimbroline.com
0 votes Thank Flag Link Thu Feb 14, 2013
Real Estate Brokerage commissions are generally paid at closing. There should be a written marketing agreement that you signed/entered into with the Brokerage that will spell this out. You were supposed to get a copy of this agreement (if not, then ask for a copy now) and you should reference it to answer or argue your position.
0 votes Thank Flag Link Thu Feb 14, 2013
Commission is paid at closing.
0 votes Thank Flag Link Thu Feb 14, 2013
Commission rates also vary by brokerage.
0 votes Thank Flag Link Thu Feb 14, 2013
The commission is paid at closing, once your receive/transfer title on the property.
Web Reference: http://Www.Casselyn.com
0 votes Thank Flag Link Thu Feb 14, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer