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Post subject: Commissions payable if I find my own buyer?
Posted: Mar 01, 2012 8:07 pm
New Poster
Joined: 01 Mar 2012 Posts: 2
Hi,
I am currently selling my house and have a standard Real Estate Institute of SA contract with my real estate agent. Does anyone know if I am liable to pay commissions if I find my own buyer?
I am thinking of putting the property on websites and listing it myself on the newspaper but unsure about what I will have to pay the real estate agent apart from the expenses.
Post subject: Re: Commissions payable if I find my own buyer?
Posted: Mar 01, 2012 8:19 pm
New Poster
Joined: 01 Mar 2012 Posts: 2
I noticed this clause in the contract under 'Circumstances where Professional Fee is payable'.
7.2.2 during the Sole Agency the Vendor enters into a contract to sell the Property notwithstanding that the purchaser may not have been introduced by, or sourced by the Agent.
Post subject: Re: Commissions payable if I find my own buyer?
Posted: Mar 02, 2012 10:15 pm
Gold Member
Joined: 12 Sep 2009 Posts: 428 Location: Sydney
It means you will pay the commission even if the agent didn't introduce the purchaser to the prperty. So if you find a buyer you still have to pay the commission. wait until the contracts over if you want to find your own buyer.
Post subject: Re: Commissions payable if I find my own buyer?
Posted: Mar 03, 2012 3:49 pm
Senior Member
Joined: 11 May 2010 Posts: 101 Location: Moggill
Be careful though, if you find your own buyer whilst in an agreement and wait until the end of the agreement with your agent to sell to the buyer you found and the agent gets wind of this, somehow/anyhow, I am fairly certain they can stll claim the commission.
I was in this exact situation a few years ago and the buyer was keen to do away with the agent to save me some money, after advice etc... it wasn't worth the hassles, gave him the agents phone number and told him to have a good day
Post subject: Re: Commissions payable if I find my own buyer?
Posted: Mar 03, 2012 4:50 pm
Gold Member
Joined: 25 Oct 2008 Posts: 1804 Location: Victoria
We found our own buyer when we sold our last house. We signed with the agent on Friday, the buyers contacted us on the Monday and we showed them through, they liked it. The house had not even been advertised or the sign up out the front. We still paid the commission when the sale went through.
Post subject: Re: Commissions payable if I find my own buyer?
Posted: Mar 03, 2012 9:36 pm
Gold Member
Joined: 12 Sep 2009 Posts: 428 Location: Sydney
Phippsy you are right. If you find the buyer withing the agents time you still pay commission. The agent has to prove they looked at it inside their contract time. Or if the agent introduced them they get the commission even after the contract ends.
If the buyer is new (after the contract has ended) then you don't pay.
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