Real Estate Agents
Nearly nine out of 10 real estate agents work on commission and are paid only when the transaction closes. Except for the legal profession, real estate agents are the only fiduciaries and agents who work this way.
To simplify how commissions are routed, the real estate industry customarily allows all sales commissions to be paid out of the seller's proceeds, according to the terms of the listing agreement.
According to licensing law, only licensed brokers can serve as fiduciaries. They have “agents” or licensed salespeople who work for them, but they have the legal responsibilities of operating the brokerage. The salesperson license allows salespeople to serve as agents of the broker. They can negotiate contracts, but the seller is actually negotiating with the broker, by proxy. It’s the broker’s company name and signature on the listing contract.
Once the home is listed in the Multiple Listing Service (MLS), the listing broker discloses the terms of the commissions to other competing brokers, so they will bring their buyers to the listing. When the buyer’s broker presents a contract to the seller, it will include a provision to collect their share of the sales commission, as offered by the listing agent in the MLS.
That means a commission can be split as many as four ways:
At closing, the listing agent is paid by the escrow agent out of the seller’s proceeds, or a day or two later when the buyer’s loan is funded by the lender. The listing agent, in turn, pays the buyer’s agent his or her share of the sales commission. All commissions are negotiable, but sellers should keep in mind that commissions are incentives.
Home | Real Estate News | Search for Homes | Advanced Search | Map Search | Foreclosures | Westfalls Village | Plano Condos & Townhomes | Frisco Homes with Pools | Woodhanven - Plano | Windsor Park - Plano | Foreclosures Plano | Foreclosures Frisco | Foreclosures Richardson | Foreclosures Carrollton | Foreclosures Allen | Foreclosures McKinney | Foreclosures Addison | Foreclosures Garland | Foreclosures Flower Mound | Foreclosures Wylie | Foreclosures Prosper | Pools in Plano | Foreclosures in Anna | Pools in Allen | Pools in Anna! | Pools in Blue Ridge | Pools in Celina | Lease 2 Own In Plano West High School | Lease 2 Own - Frisco - Liberty High | Allen High School Homes | Prosper High School Homes! | Anna High School Homes! | Argyle High School Homes! | Celina High School Homes! | The Colony High School Homes | Aubrey High School Homes! | Lease 2 Own - Carrollton - Creekview High | Ranchview High School Homes! | | Guyer High School Homes! | Homes in JJ Pearce High School! | Frisco Luxury You Can Lease to Own! | Homes in Richardson High School! | Highland Park High School Homes! | Woodrow Wilson High School Homes! | Wylie East High School Homes! | Plano West High School | Homes in Hebron High School | Homes in Creekview High School! | Rent in Plano East High | Forney High School Homes | Aledo High School Homes | Birdville High School Homes! | Berkner High School Homes! | Coppell High School Homes | Lovejoy High School Homes | Princeton High School Homes | Wylie High School Homes | Princeton High School | Princeton High School | McKinney North High School Homes | Pilot Point High School Homes | Heritage High School Homes | McKinney Boyd High School Homes! | McKinney High School Homes! | Lone Star High School Homes! | Justin Wakeland High School Homes! | Centennial High School Homes | Plano Senior High School Homes | Plano East Senior High School Homes | Lease to Own Homes in DFW | Burleson High School | Mortgage Rates | Buyer/Seller Info | BankRate News | Today's BankRate ... | Credit Problems? | Plano | Frisco | Allen | Richardson | About Me | My Blog | Contact Me
Greg Knapp | 972-333-4466 | email@example.com
Artistic Real Estate Group | 1300 Winding Hollow Lane | Plano, TX 75093
Copyright © 2015. Greg Knapp, All Rights Reserved
© 2018 . All rights reserved. The data relating to real estate for sale on this web site is provided from and copyrighted by the North Texas Real Estate Information Systems, Inc. NTREIS data may not be reproduced or redistributed and is only for people viewing this site. All information provided is deemed reliable but is not guaranteed and should be independently verified. The advertisements herein are merely indications to bid and are not offers to sell which may be accepted. All properties are subject to prior sale or withdrawal. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2018-12-13.