Realtor’s fees or commissions vary. Compensation is always agreed to beforehand between you and your realtor. There is no set commission rate in the real estate profession, and any fee or commission paid depends on the services provided by your realtor, which can vary significantly depending on your needs as a client or the business model used by the realtor.
When is the commission or fee payable?
The Standard Multiple Listing Contract provides that the fee or commission is payable on the earlier of the following:
- completion date under the Contract General of Purchase and Sale; or
- the actual date that the sale completes.
GST applies to realtor fees and other services.
Don’t forget to ask your realtor about these costs when calculating the total cost of selling your home:
- Adjustments, may include property tax adjustments;
- Final maintenance and utility costs;
- Lawyer or notary fees and expenses – attending to execution of documents;
- Costs of clearing the title, including:
– Discharge fees charged by encumbrance holders;
– Pre-payment penalties;
– Insurance – should maintain until the latter of either the date when you receive the proceeds of sale or when you vacate the property;
– Real estate commission fee;
– Moving fees.