When you’re buying or selling property in Lake City, who pays the real estate commission?
How Real Estate Commissions Work
Real estate agents work for a real estate broker. The broker is the one who pays the real estate agents their commissions.
The total commission someone pays to the broker doesn’t always go to the agents. Sometimes the broker withholds a certain percentage of the transaction, and in other cases, the agents have to pay fees for the transaction.
Who Pays Real Estate Commissions – the Buyer or the Seller?
Generally, the seller pays the real estate commissions to both agents – the listing agent, who put the home on the market, and the buyer’s agent, who brought the buyers to the closing table.
However, sellers aren’t naturally obligated to pay both agents. It just tends to work out that way. As a buyer, you can hire a real estate agent without paying any money out of your pocket. The commissions for both sides are generally part of the seller’s closing costs, so all you’re paying for is the home and your own closing costs.
Are You Selling a Home in Lake City?
If you’re selling a home in Lake City, we can help you.
Call us at 386-243-0124 or get in touch with us online to find out what we can do to advertise your home and help you sell it quickly – and at the right price.
If you’re also looking for a new home, check out our:
- Waterfront residential in Lake City
- Waterfront land in Columbia County
- Bank-owned homes and foreclosure in Columbia County
- Short sales in Columbia County
- Paved road frontage for sale in Columbia County
- Non-deed-restricted land for sale in Columbia County
- Wooded oak tree land for sale in Columbia County
- Land-for-land home combo in Lake City