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When do real estate agent get paid, which stage of transaction?
TSflyturtle
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May 14 2017, 02:36 PM, updated 7y ago
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New Member
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I just paid 3% earnest deposit to secure a house and i am wondering when a real estate agent get paid for their commission. Is it when the 3% earnest deposit deposited into the agency account? or after SAP signed
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chiahau
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May 15 2017, 01:59 PM
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QUOTE(flyturtle @ May 14 2017, 02:36 PM) I just paid 3% earnest deposit to secure a house and i am wondering when a real estate agent get paid for their commission. Is it when the 3% earnest deposit deposited into the agency account? or after SAP signed After SPA sign and loan disbursed, that's when you will find your agent goes missing.
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jknowsit
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May 15 2017, 09:24 PM
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3% will bank in to agency after owner agreed and sign the LOA. Then will process to loan application and draft SAP. Purchaser need to pay balance 7% when/after sign SAP
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hanhanhan
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May 16 2017, 01:37 PM
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QUOTE(flyturtle @ May 14 2017, 02:36 PM) I just paid 3% earnest deposit to secure a house and i am wondering when a real estate agent get paid for their commission. Is it when the 3% earnest deposit deposited into the agency account? or after SAP signed after SPA signed. usually they dont care about the loan.
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hanhanhan
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May 16 2017, 01:38 PM
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QUOTE(chiahau @ May 15 2017, 01:59 PM) After SPA sign and loan disbursed, that's when you will find your agent goes missing. after SPA signed, they will ask for a copy of the stamped SPA to claim their commission.
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