We’ve recently had this discussion with buyers and feel that it’s important to fully understand the buying and selling process. We’re completely transparent in our process and aim to fully educate our buyers and sellers to ensure that they’re comfortable throughout every transaction. Reach out if you have any questions! Who pays your real estate agent? Apartment Therapy outlines the process below:
Buying a home is expensive. Selling a home is expensive. This is common knowledge. Something I recently learned is not common knowledge? Just who pays the buyer’s real estate agent once a house sells (and who pays the seller’s, too).
It’s likely you haven’t really thought about this ever. For expediency’s sake, the answer is “the seller.” Yes, the seller pays their listing agent and the buyer agent’s commission.
And if that isn’t what you thought, you’re not alone. Just in the past month, I’ve seen two surveys showing that this is a common misconception. The first was in a new report from Clever Real Estate, an online platform that connects buyers, sellers, and agents. They did a recent survey, asking 1,000 homeowners selling their houses in 2019 a couple of questions about the home selling process. One of the questions they asked was, “In most real estate transactions, who pays the buyer’s agent commission?” Almost half (45.5 percent) responded that the home buyer did.
Side note: It’s a little weird to think that people who once bought a home didn’t know that they didn’t pay their buyer’s agent. But that might be because closing costs are so expensive and include so many fees, buyers just assume that their agent’s commission is somewhere on that closing statement.
“I think it’s one of those willful amnesia things, where you kinda forget how it all works and then are surprised by having to pay for both,” posits Dabney Frake, our Projects editor who recently went through the selling process.
So just why do people not know this? Maria Koziakov, a real estate agent with Luxury & Beach Realty in St. Petersburg, Florida, says that most people know that real estate agents work on commission and that someone has to pay that commission. But, just like other things in life, most will assume the one seeking representation (e.g. hiring an agent) will be the one to pay for it.
But in real estate, it works a little differently. The seller pays because they’re the ones who are actually hiring their agent to sell their house: “The listing agent and the office are truly hired,” Koziakov says, meaning that there is an actual contract signed when one works with a seller’s agent. The contract, known as a listing agreement, specifies the commission, any fees, and the time period.
The more you know!
source: Apartment Therapy
Welcome to 272 Scarboro Crescent in Cliffcrest, Toronto
With two levels of exquisitely renovated and extended living space, 272 Scarboro Crescent is situated on a gorgeous 50 ft lot! A true gem where every detail was meticulously addressed.
Impressively landscaped, the front garden features 5 tonnes of Armour stone and creates a distinguished introduction to this property. The elegant front portico and nicely finished exterior welcome one to the open concept main level of the home that is enhanced by the warm hue of stunning wide plank fumed white oak floors.
Stylish with lovely natural light, the living room is a delightful space. It is slightly separated from the formal dining area, stunning gourmet kitchen and family room. The latter two spaces being part of the addition completed in 2014. The kitchen cabinetry, appliances, marble countertops, subway tile backsplash and fireplace surround are designer selected and above and beyond expectations. There are four skylights, a sun tunnel and double doors to the back deck and garden adding the beauty of natural light to these finishes and the main level overall.
On this level there are also two wonderful bedrooms and an incredible bathroom with heated floors that was renovated in 2018. It is breathtaking and features an elegant soaker tub and top of the line fixtures.
On the lower level there is a spacious media room, a games room, a gym, an office, a light filled bedroom, another washroom and a separate laundry room. The washroom features a stunning double glass shower, heated floors and similar top-drawer fixtures. Everything has been finished to perfection and what is below the surface is ever so impressive as relates to insulation and overall comfort.
The fully fenced in backyard features more fabulous landscaping and an impressive shed ideal for the gardener in the family or as a workshop! There is also a gas line for a barbeque on the back deck.
This neighbourhood is sought after for good reason. Chine Drive School is very highly regarded as an elementary school. It has excellent standards and is very personalized. The area boasts many walking trails and parks including the Scarborough Bluffs Tennis Club and Bluffers Park Marina – a full-service marina as well as the overall feeling of a close-knit community of supportive families and Cliffside Village retailers.
Move in and enjoy this exceptional home!
Further photos & info: www.272ScarboroCres.com
list price: $1,288,000
MLS #: E4380177