In Ontario, the fee for selling a house could be a percentage of the Selling Price and this may vary from 2% to 10% or more as the fee is not regulated nor fixed. The fee appears to be most often in the 5 to 6.5 per cent range. It may also be a fixed dollar amount. As a Buyer, you may not have to pay a fee as the Seller normally pays the Listing Broker a fee set out in the listing agreement which may also contain a provision that a certain amount of the fee go the Selling or co-operating Broker.
Under a Buyer Agency Agreement, there will be a fee set out to be paid by the Buyer BUT the buyer may also give the Buyer Broker permission to get paid by the Seller as payment under the Buyer contract. Any deficiency between the agreed compensation to be paid by the Buyer and that paid by the Seller/Listing Broker may be collected from the Buyer, or as I expect in many cases may be waived by the Buyer Broker. In Ontario, A Confirmation of Representation and Co-operation is signed by all parties before an agreement to purchase and describes the agency relationship between the parties and how the realtors are paid.
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NORM TALBOT
The HouseSold Name in Windsor-Essex County!
http://www.windsorhouses.com normtalbot@windsorhouses.com
[This message has been edited by Norm Talbot (edited 06-10-2004).]
[This message has been edited by Norm Talbot (edited 06-10-2004).]
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