When it comes to placing a house for sale, there is one very important detail that sellers often overlook. This common oversight can cost thousands or even tens of thousands of dollars. On the listing contract, there’s a line for the real estate commission.
Realize that the fee really has two elements: one for the selling office, another for the purchaser’s office. Rather than writing the total on the contract, why not put in what it really is?
A common commission split would be 2%/3%, the latter into the purchaser’s broker. If your representative is willing to list your home for two %, why should they get a 3% bonus just because the purchaser shopped alone?
A whole lot of trades come from someone accidentally driving by a property and grabbing a flyer. Sometimes someone in the neighborhood may have told them about the offering. It happens all of the time.
People just show up, because the details weren’t specified in the agreement, the listing agent gets a windfall bonus.
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If there is no representative on the purchase side of the transaction, the commission should be what the plaintiff would have made if there was a broker on either side of the deal.
If the exact same person represents both parties, a special arrangement can be penciled in for that in the document. Never write the percentage for a total on the arrangement. Simply write the amounts which will actually be distributed, for example, 2%/3%, 3 percent/3%, or anything you have negotiated.