ᐅ Found a condominium ownership unit, notary appointment probably not before 2021. Real estate agent fee?
Created on: 19 Nov 2020 14:10
T
thesit27
Hello,
we have the opportunity to buy 2 condominiums in a 10-unit residential building. We have already viewed the properties.
The apartments are being sold through a real estate agent (about 6% commission). Now my question:
If we agree on a purchase price with the seller but the notary appointment is only scheduled for 2021, would the seller have to pay half of the agent’s commission?
Should we take our time with this?
Regards
we have the opportunity to buy 2 condominiums in a 10-unit residential building. We have already viewed the properties.
The apartments are being sold through a real estate agent (about 6% commission). Now my question:
If we agree on a purchase price with the seller but the notary appointment is only scheduled for 2021, would the seller have to pay half of the agent’s commission?
Should we take our time with this?
Regards
N
nordanney19 Nov 2020 16:46I am not a realtor, I just read the relevant legal texts 😉
It is correct, @nordanney, that this applies to real estate agent contracts from December 23, 2020 onwards. You can find it, for example, in the Federal Law Gazette, year 2020 part 1 no. 28, §53 transitional provision to the law on broker fees for mediating purchase contracts for apartments and single-family houses.
An interesting point for you might be that during the transitional period, the buyer bears the commission alone only if they agreed to this before the law came into effect. But I assume the agent has included this in their documents; otherwise, they would be a serious amateur.
(P.S. I am not a real estate agent, but I can read legal texts)
In the case of my acquaintance, the agent simply didn’t want to spend more time looking for a buyer. Because for 6% of maybe 10,000€ (about 11,000 USD) extra (600€ / about 660 USD), it’s not worth it for the agent to schedule 10 more viewings...
Looks like @nordanney hit send faster ;-)
An interesting point for you might be that during the transitional period, the buyer bears the commission alone only if they agreed to this before the law came into effect. But I assume the agent has included this in their documents; otherwise, they would be a serious amateur.
(P.S. I am not a real estate agent, but I can read legal texts)
In the case of my acquaintance, the agent simply didn’t want to spend more time looking for a buyer. Because for 6% of maybe 10,000€ (about 11,000 USD) extra (600€ / about 660 USD), it’s not worth it for the agent to schedule 10 more viewings...
Looks like @nordanney hit send faster ;-)
H
hampshire19 Nov 2020 20:56By the way, it is also possible to enter into non-standard contracts with a real estate agent.
It is always worth paying less to the middlemen. For example, the stated living area measurements are almost always inaccurate. So, measure it yourself and with reference to the incorrect information, retain about one-third of the commission. Most will not take you to court.
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