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1253 posts

Uber Geek


# 209065 11-Mar-2017 08:29
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So my house sold and went unconditional.

Buyer pays 10% deposit, does the real estate agency immediately rip into that to get their fees?

If so, is it industry standard vendor is sent a receipt itemising the charges?

I suspect I'm going to be 20% overcharged, so I need to figure out how to get a receipt if it's not going to be automatic, then I need to figure whether the complaint goes to the (manager of) agency involved or whether it's something that should go through my lawyer?

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4157 posts

Uber Geek


  # 1734657 11-Mar-2017 08:40
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The deposit money is transfered ( usually) between the conveying Lawyers, the Agent does not have any access to it,

 

From memory the agent fee is not due until the deal actually is finally settled,

 

But it should all be in the T&C of the conract I am assuming its the ADLS one or a version there of

 

 


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  # 1734660 11-Mar-2017 08:59
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Sorry but this is not in any way correct. IANAL but it works a bit differently to above.

The agents fees are due when the sale becomes unconditional. If the sale does not complete it doesn't matter, the agents fees are due. This is why you should always make sure the deposit covers the fees.

The deposit is paid into the real estate agencies trust fund and then the agents fees are released from there, with the balance going to you after about a week.

If you have concerns about the fees talk to your lawyer now, don't wait as it will get much harder once the money is disbursed.

 
 
 
 


272 posts

Ultimate Geek


  # 1734748 11-Mar-2017 12:50
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Wouldn't you just consult your copy of the written agreement between you and the agency that you signed?

 

None of this should be a mystery......

 

 

 

 

 

 

 

 





Mark Ascroft
Wellington




1253 posts

Uber Geek


  # 1734781 11-Mar-2017 13:37
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Except there has been multiple agreements, text message amendments, email agreements, and mistakes in billing, if I'm billed "standard agreement", it'll (now thinking about it) possibly be up to 30% over various agreements. I don't want to make a mountain out of a molehill, the question is simple enough isn't it... Does the agency, as per industry standard, send an itemised bill for fees charged from deposit or not?



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Uber Geek


  # 1735387 12-Mar-2017 19:30
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Who was I kidding thinking somebody may know? With home ownership rates at the lowest in 66 years, there is probably just about nobody left able to answer the question :-/

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  # 1735391 12-Mar-2017 19:51
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You are paying a lawyer to guide you through the process, there is your professional source for advice not a Tech forum.




Mike
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The views stated in my posts are my personal views and not that of any other organisation.

 

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Wannabe Geek


  # 1735407 12-Mar-2017 20:20
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Brother in law is a lawyer. According to him the money sits in the sellers lawyers trust account, as soon as the sale goes unconditional then the real estate agent can request their fee. From what he's said, real estate agents are remarkably quick at drawing down on the money once the sale goes unconditional.

There should be a receipt from the real estate agent detailing their charges.
You should see this when the sale goes through as your lawyer will go through what the house was sold for, what has been pulled out (lawyers fees, real estate fees, etc), any money you receive for rates/etc and what your final sum paid is.

 
 
 
 


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  # 1735427 12-Mar-2017 20:57
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Recently sold a house so this was the process for us. 

 

Buyers deposit went into the real-estate agents trust account and they take their fees from there before transferring the remainder to our lawyers trust account. There is a receipt from the agent but it's fairly simple (lists the deposit amount, calls out the fees and lists the amount transferred). The fee is usually agreed as a percentage of the sale price so there are no other itemized items to be added. 

 

Keep in mind that the only fee number that matters is what you signed. I doubt any email/txt amendments to the fees will hold up (unless these included your lawyer) if these aren't in the official agreement that was signed and reviewed by your lawyer. 


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Ultimate Geek


  # 1735438 12-Mar-2017 21:20
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as a matter of interest, what fee did you negotiate with your RE agent? flat or percentage?

 

 


508 posts

Ultimate Geek


  # 1735500 13-Mar-2017 06:39
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A couple of years ago I had an agent knock on my door, he had a buyer who wanted to buy my house. I wasn't interested to sell, but the agent talked up a premium price.

I asked for a $10k listing fee, i.e. The agent pays me $10k to start the process. This was a new one to the agent who balked immediately.

Then I asked for 0% for the first $1,000,000, flat fee for the next $350,000 (I recall I specified $30k) and then 10% for every $ over $1,350,000. The house was GV $1,300,000.

This was all too much for the agent who was after a standard flat fee. Of course, the guy didn't really have a buyer willing to pay a premium over GV for my house. The dealer Principal was paying bonuses for listings.

But you can negotiate any fee you like. Fees for real estate agents are outrageous for the services received, I don't understand why people accept them.




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