Question Details

Rosendo, Home Buyer in Berwyn, IL

does the real estate agent gets commision after the closing cost? when does he get commision?

Asked by Rosendo, Berwyn, IL Tue Nov 20, 2007

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I assume that your question is referring to a seller giving concessions . . . This is a negotiable item between the seller and the listing agent as to whether the commission is calculated before or after the concessions. The listing contract (in PA) reads that the commission is on the "sales price", which would be before the closing cost amounts are deducted. This amount should be decided upon when the listing contract is signed. I've had selling brokers challenge me that they expect to be paid a commission on the full sales price.
1 vote Thank Flag Link Tue Nov 20, 2007
The listing agreement says what % of the sales price is commission. This occurs at closing, for in the sellers eyes as part of the closing costs.
Web Reference:
0 votes Thank Flag Link Wed Nov 21, 2007
Hi Rosendo:

Here in California the Realtor's Broker receives the commission for their duties after the property has been funded, recorded and escrow has been reconciled. Then the Broker gives to the agent the portion that is theirs. IF your agent is a Broker and owns their own Brokerage, then the monies go to them directly from escrow.

Not all companies in California work this way, but most do. Hope this helps....
0 votes Thank Flag Link Tue Nov 20, 2007
We only get a commission after closing and funding.
Web Reference:
0 votes Thank Flag Link Tue Nov 20, 2007
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