Hi guys,
I am selling a property and I was told the agent fee has to be paid upon the signing of S&P, is this correct? This does not sounds logical to me, because if the buyer did not manage to finalise and complete the purchase, why does the agent eligible for the full fees? This means the buyer has paid 10% of the agreed price, will be forfeited, and now the seller has to pay 20 or 30% (if the fee is 2% or 3% of the agreed selling price) basically for the agent fees if it is based on agreed selling price. This is logical? The sales is not complete until the full payment has been made right?

If someone can do illegal things, chopping off a hand cannot be ruled out.