I remember when I bought my first home with my wife — a townhome in Inglewood — we both weren't quite sure how the realtor fees worked. It was no biggie, because it was explained to us.
Still, now that I'm in the business I am very conscious of explaining it right away so there's no confusion. I'm dealing with a lot of first-time home buyers these days and they are naturally wondering about how much this is going to wind up costing them.
Typically, realtor fees are seven per cent of the first $100,000 and three per cent of balance of sale price and those fees are split between the buyer's realtor and the seller's realtor.
That's normally how it works and so there's no confusion when I'm dealing with buyers I write an extra line into our agreement that all fees are paid by the seller.
If you are thinking about buying a home and are curious about something please call or shoot me an email.