Realtors make thousands of dollars every year averagely but then very few people in the world understand where the money comes from. As both the home buyer and seller carry out their obligations in the home buying and selling process, each one of them pays some form of fees which add up to pay the realtor in the long run. Reading through this post enlightens people about various issues relevant to buying and selling homes in the market today including closing costs and realtor fees among many others as well as who is responsible for paying each one of them.
For those that may not be aware, realtor fee is an inevitable part of the home buying and selling process and it comprises of a variety of types of costs that one has to pay to close the deal. The two main classifications of realtor fees in the market today are the realtor commission and the closing rates both of which must be paid for anyone to either buy or sell property in the market today. The realtor commission refers to the amount of money that the real estate agents get paid after completing their work and it is commonly 6% of the final amount that results from the home in the picture. It is however vital to note that there is no specified amount that realtors should charge their clients which explains why the percentage keeps varying from one agent to another with some charging as low as 3% all the way to 8% depending on the location of the property on sale and whoever the seller chooses to work with.
Next on the list are the closing costs which refer to miscellaneous fees that are not part of the realtor’s fees that one incurs when they buy or sell a home especially around at the time when they have to close the deal. There is a wide range of closing fees that one has to pay in the market today when selling or buying a home and they include the property insurance, all the relevant taxes as well as surveyor costs and loan processing in addition to real estate deed recording among many others to allow one to close the deal. Just like the realtor commission, the closing fees are 3.5% on average but then vary from one place to another or realtor to another depending on various factors that affect the same.
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