Sometimes buyers or sellers are concerned about how to pay their realtor in a real estate transaction if they choose to use one. Unlike other professionals that bill at an hourly rate, a realtor is often a commission-based employees. That means that the price that the seller or buyer is supposed to pay the realtor is a pre-determined percentage of the purchase price of the property. That term is negotiable by the attorney ahead of time during the agreement of sale. Once the agreed upon percentage is made, the realtor is then paid out of the proceeds of the sale at the closing, typically by the seller. That being said, the realtor doesn’t get paid until the transaction is final.
The law firm of Mattleman, Weinroth & Miller, P.C., is composed of experienced real estate attorneys throughout the state of New Jersey. Please contact the office for a free initial consultation and get any questions answered.