should I pay agent fees ??

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realname
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should I pay agent fees ??

Post by realname » Tue, 06 Jul 2010 10:10 am

HI, need some advice from expert property dealer.self trying to buy a condo without help of agents.by browsing the site making appt with the agents who have posted their add on net,and helping myself to reach there.also trying to negotiate with them.so if something is finalised should i need to pay the agents fees??
can i hire agent for paper work if deal is finalised.and if yes then how much should i need to pay the agent.
waitng for the reply.
thanks :???: :???: :???:

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sundaymorningstaple
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Post by sundaymorningstaple » Tue, 06 Jul 2010 10:26 am

Is this like your PR/NS questions?
SOME PEOPLE TRY TO TURN BACK THEIR ODOMETERS. NOT ME. I WANT PEOPLE TO KNOW WHY I LOOK THIS WAY. I'VE TRAVELED A LONG WAY, AND SOME OF THE ROADS WEREN'T PAVED. ~ Will Rogers

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Post by teck21 » Tue, 06 Jul 2010 10:31 am

You don't have to pay an agent anything as the purchaser of the property. The sellers pays the agent since they effectively or formally engaged the agent to sell their property.

No 'admin' fees of any sort should be levied on you whatsoever.

But you might want to be really cheeky and put in a silly offer and offer the agent a little something extra to convince the seller to let you have it at their price. You might be surprised at the number of agents who actually have to think about the proposition!

Once you find something you can agree on and pay the deposit, usually 1% of purchase price which gives you 2 weeks (usually) to decide if you want to go ahead, you start shopping for a legal firm to do the paperwork for you. They take over from there completely.

shuping26
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Post by shuping26 » Wed, 07 Jul 2010 12:21 am

teck21 is right. Buyers do not have to pay commission for the purchase of a private property. Sellers usually pay a 2% commission to the agent when they engage them to sell their property.

Since there is no commission payable on your part if you engage an agent, your agent will share the commission with the seller's agent - market practice! Your agent will also assist in documents such as the offer to purchase and option to purchase.

There is no issue for you to engage the seller's agent direct, except that this agent may have conflict of interest, serving both buyer and seller at the same time. In fact, by next year, there will be a new regulation that 1 agent cannot serve both the buyer and seller.

All the best in your search!

realname
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Post by realname » Wed, 07 Jul 2010 10:17 am

Thanks very much teck21 for providing me a useful information.one more thing to ask can u recommend me few names of legal firm.
thanks once more.

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