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When buying or selling a property in Ontario, one important aspect to consider is the common real estate commission.
Real estate commissions are the fees paid to real estate agents for their services in facilitating the buying or selling process.
Real estate commission is calculated based on a percentage of the property’s selling price.
The 5% fee is reflected on the listing agreement and collected by the listing agent. Eventually, it gets split between the listing agent and the co-op agent after the successful sale of any real estate property in Ontario.
For example, if your real estate broker or agent assisted you in selling your home for $750K you have to pay $37,500 (plus applicable taxes).
In Ontario, real estate brokerages set their commission fees.
While they can be negotiable, the amount heavily depends on the brokerage model. Some brokerages provide full real estate services and tend to charge more.
Some only provide essential services (MLS listing, photos, signage) and might cost you less.
Keep in mind that real estate agents in Ontario only get paid upon successful sales.
Tip: If you find a realtor with low real estate fees, but your home does not get sold it does not matter how much he charged.
The rule of thumb. The less real estate commission you pay the fewer services you get and the more unpredictable the results become.
Real estate commission in Ontario is paid by the seller when the real estate transaction closes.
A real estate lawyer will charge the seller commission based on the listing agreement between a realtor and the property seller.
Your lawyer will create a trust ledger that shows the price paid, subtracting any associated closing costs to determine the seller's total earnings from the sale.
Yes, you can. At our brokerage we believe in values.
To mitigate any financial burden associated with the sale of any real estate property in Ontario we offer three commission plans, and none of them will break your budget.
The good news? You get to decide which one you pick.
Our legendary Royal LePage real estate services combined with lower-than-usual real estate fees, make this deal a great value.
Here it is…
Though commissions in Ontario, are typically paid by the seller, buyers occasionally have to pay their real estate agent directly. This might occur if the real estate fee offered by the listing agent is less than the fee indicated on the buyer's representation agreement.
If you decide to move 40 kilometres away to be closer to your work or school, you can claim a reasonable amount of tax rebates from your moving expenses including: real estate commission, legal fees and the mortgage penalty if you pay your mortgage off before its maturity date.
For more info, please consult with your accountant.
Serge Rybitsky
Real Estate Broker
Royal LePage Terrequity Realty
Brokerage
Tel: 416-831-8301
Email: srybitsky@gmail.com
"Thank you for your professional service. Everything went as planned. With your help we sold our home by deadline we set. Can not say thank you enough for your work."
- Olga D
"I have sold my Etobicoke house with Serge within a few days. He definitely knows what he does. He is very knowledgeable and savvy Realtor."
- Lyubov B
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"I was selling my house in North York. Serge impressed me with his innate ability to properly market my property. The result was stunning. I sold for over asking price within a week,"
- Rustem I
Want to talk? Call me day or night!
416-831-8301
Serge Rybitsky - Real Estate Broker
