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Can our agent demand their commission B4 closing?
Our listing company is insisting that we bring a cashier's check to them before closing because the lender the buyers are using doesn't work with them. Our listing agreement states that they will receive their money AT closing. They want $3000 prior to closing the deal.
Asked By Elizabeth Hanning | Ocala, FL | 144 views | Finance Legal Info | 7 months ago
Answer(3)
Julianne Clark / Your Lowcountry Realtor
Charter One Realty
Hi Elizabeth -- there is a lot of information missing from this question. What is the $3000 for? You state that they will received their money at chosing. Who is they? The Buyer or the Lender? Usually money exchange is through attorneys or title companies. Need more info to fully understand your question. Julianne
- 7 months ago
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Tyler Fitz
Anderson Realty
This is a complex question depending on many factors; however, an agent must get paid throught their broker and the broker gets paid at a successful closing through the title company/closing lawyer. If they are asking for an advancement on their commission I highly recommend you contact their broker directly. Now, if the buyer or lender is asking for a credit that would also get paid at closing. Either way it essentially near impossible that anything should be paid prior to closing besides repairs/improvements taken care of during the contract period or an open lien. You can also contact the closing company and seek advice from them as they would be able to help clear up any unresolved issues.
- 6 months ago
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Cindy Sharp
KW Showcase Realty
The title company will work up a settlement statement prior to the closing and disburse the funds to the broker who will disburse the commission to the agent.
Never pay in advance of any closing as there is no guarantee the closing will take place until you are at the closing table with a check in your hand.
- 5 months ago
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