Real estate commissions are usually based on the property’ selling price. And although there are no fixed rates, a commission split between the selling and listing broker is common. But the method of tying commission rates to selling process is the main source of a rising controversy, especially as the soaring property values in British Columbia have driven an explosion in income for top real estate professionals.
The Competition Act states that there is no standard or fixed commission rate for real estate firms. As a realtor, I take pride in offering full service brokerage to my clients. In exchange for the premier real estate service that I provide, I only charge 7 percent on the initial $100K, and 3% on the succeeding balance of the property’s sale price.
Legal fees charged by notaries and lawyers for the sale or transfer of a property usually range around $850 to $1,000 plus 12 percent HST.
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