The listing agreement you signed specifies the listing price and the amount of the commission or the percentage to be applied to the sales price to calculate the commission. Your agent’s job is to bring a “ready, willing and able” buyer to purchase the property. If an agreement is negotiated with the buyer and the deal is closed, the agent has earned the commission. The real estate broker gets paid from the proceeds of the sale at the closing table. If the buyer proves unable or unwilling to complete the purchase, the house goes back on the market and the agent has to earn the commission again.
However, if you, the seller, back out or do not accept an offer that meets the price and terms of the listing agreement, the listing broker has earned the commission and may want to be paid, even though you did not actually sell your home. Therefore, it is very important to carefully consider every detail when completing your listing contract and accepting an offer to buy your property. |
