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When Broker Gets Paid |
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I am a realtor, if I do a closing on a business that wont be in operation until October, would I get my commission when we sign the papers and give the downpayment |
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You should not be working without a written agreement, either with the seller or the buyer, and that document should say something about when commission is earned and when it's paid. As a general rule, commission is considered to be earned when the agent presents the seller with a ready willing and able buyer and brings about what is known as a meeting of the minds, as evidenced by a written sales contract. But the listing contract, or buyer's-broker contract, often goes on to state that commission won't actually be paid until settlement. Look at your own documents. |
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Edith
Originally published on June 28, 2007 |
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