Asked by Francis
Hi,
I am intending to sell my property. Under the new rules, I understand there is no dual representation. What is the guideline on commissions payable to the agents representing the sellers and buyers? Previously, the seller usually forks out the commissions for both groups of agents. How does it work now? Am I required to pay commission to my sell-side agent only? Assuming he charges me 2% and the buy-side agent charges the buyer 2%, that is a total of 4% of the transaction price. Am I correct in my understanding?
If so, it appears as though the net commission has increased from previously.
Thanks.
I am intending to sell my property. Under the new rules, I understand there is no dual representation. What is the guideline on commissions payable to the agents representing the sellers and buyers? Previously, the seller usually forks out the commissions for both groups of agents. How does it work now? Am I required to pay commission to my sell-side agent only? Assuming he charges me 2% and the buy-side agent charges the buyer 2%, that is a total of 4% of the transaction price. Am I correct in my understanding?
If so, it appears as though the net commission has increased from previously.
Thanks.
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