Real estate commissions are generally computed as a percentage of the home's sale price, compensating agents for various services like marketing and negotiations.
Typically, the seller pays the commission, which is subtracted from the sale proceeds at closing. However, buyers indirectly contribute to this cost through the sale price.
Understanding the commission structure enables buyers and sellers to negotiate the financial aspects of real estate transactions more effectively, ensuring service and value.
Commission rates are agreed upon between the seller and their agent before marketing starts, and they can vary based on the agreement.
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