REALTORS® fees or commissions vary. Compensation is always agreed to beforehand between you and your REALTOR®. There is no set commission rate in the real estate profession, and any fee or commission paid depends on the services provided by your REALTOR®, which can vary significantly depending on your needs as a client or the business model used by the REALTOR®.
When is the commission or fee payable?
The Standard Multiple Listing Contract provides that the fee or commission is payable on the earlier of the following:
- completion date under the Contract of Purchase and Sale; or
- the actual date that the sale completes.
GST applies to REALTOR® fees and other services.
Don’t forget to ask your REALTOR® about these costs when calculating the total cost of selling your home:
- Adjustments, may include property tax adjustments
- Final maintenance and utility costs
- Lawyer or notary fees and expenses – attending to execution of documents
- Costs of clearing the title, including:
- Discharge fees charged by encumbrance holders
- Pre-payment penalties
- Insurance – should maintain until the latter of either the date when you receive the proceeds of sale or when you vacate the property
- Real estate commission fee
- Moving fees