ᐅ Found a condominium ownership unit, notary appointment probably not before 2021. Real estate agent fee?
Created on: 19 Nov 2020 14:10
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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
thesit27 schrieb:
Now the law has been passed that from 2021 the real estate agent’s commission will be shared.Does this apply to everyone? Maybe... I’m not that up to date anymore.
However, a contract is always governed by its start date, not by a change in law. So the law applies to new contracts, but not to existing ones.
I’m sure others here can explain this better and are more knowledgeable...
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nordanney19 Nov 2020 15:32I have to disappoint you. The law (effective from 23.12.) applies to brokerage contracts concluded from the date it comes into force. The transition period is intended to give brokers the opportunity to adjust their business practices to the new legal situation.
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nordanney19 Nov 2020 15:41thesit27 schrieb:
So, the date of the contract between the agent and the seller is what matters, not the notarization appointment?Exactly!Are you a real estate agent?
I just received information from an acquaintance who sold his apartment on November 1, 2020, that the agent advised him to accept the purchase price (and not arrange further viewing appointments to try to get a higher price), because if the seller had backed out and he only found a buyer in 2021, he would have to pay half of the agent’s commission.
I just received information from an acquaintance who sold his apartment on November 1, 2020, that the agent advised him to accept the purchase price (and not arrange further viewing appointments to try to get a higher price), because if the seller had backed out and he only found a buyer in 2021, he would have to pay half of the agent’s commission.
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