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Someone already wants to buy my home. Do I still have to pay 0.5%?
Yes. myrealty.ca's commission is earned even for a known buyer: no parties are excluded from any of our listing contracts. It may be possible to find another real estate agent to agree to a 2 - 3 week exclusion from a listing contract for a known buyer, particularly if the real estate agent is short on listings. In these situations, the real estate agent will still get the benefit of attracting buyers to this type of property and possibly selling another buyer on another home. After the 2 - 3 week period, if the known buyer buys the property the full commission rate would apply (although it is often negotiated down to a listing commission only). The reason for a short exclusionary period of 2 - 3 weeks is that by the end of this period of time, most real estate agents will have already performed a substantial amount of the service and any further work may start to advance the interest of the known buyer. myrealty.ca's service is different than most brokerages in many respects: a substantial amount of the service is completed after a few days when the home is listed on your local board's MLS® system; we have a tiny listing commission; we always waive the selling commission when there isn't another real estate agent involved; and we don't work with buyers to sell them on other homes. In fact, our service is ideally suited to a situation where there is an known buyer: just by listing on your local board's MLS® system, you can spark new life into an old or reluctant prospect without running the risk of a much bigger commission payment if the known buyer ultimately buys your home. |
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