Real Estate Broker Commission

Real Estate Broker Commission Philadelphia

 

If you are using a real estate agent or a broker to deal with either purchasing or selling real estate in Philadelphia, you should hire a fully licensed real estate broker Philadelphia company to operate within the state, you can use Pennsylvania Secretary of State’s Licensee Info Search to find a good one. You should also sign a contractual agreement, to ensure that there will be no nasty surprises when the sale is complete.

Do I need a written agreement?

A written agreement – although not required – is generally an accepted way to minimise confusion between the property owner or tenant and the real estate agent. Even if the owner denies the real estate broker any money in securing a tenant or buyer, the agent is entitled to be compensated for the time and service they have made to secure the owner or tenant with a signed lease agreement.

Real Estate Broker Employment Contract Agreement

Under the agreement the property owner will enlist the services of a broker to secure a buyer or tenant on the property owners’ terms. The property owner is not liable to pay the commission if the sale has not been secured, an introduction or a viewing of a property is not a confirmation that the deal has been completed.

Real Estate Broker Commission Implied Contract

A broker must be clear and notify the recipient that the real estate services are executed primarily for the person that has requested their services, this will help to avoid a conflict of interest. It should also be made clear to the broker that commission will only be paid on the securing property and not on interested parties merely viewing.

Furthermore, there must be consent from the owner, if a real estate broker offers unsolicited services this will not automatically permit the broker to a commission, unless they have the owner’s permission to work on their behalf beforehand.

If you are in need of Real Estate commission advice, please get in touch with us at Real Estate Attorney Philadelphia today and we will do our best to help.

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