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November 18, 2023 at 12:15 PM. The long tradition of home sellers footing the commissions of their buyers’ real estate agents may soon be a thing of the past. A recent multibillion-dollar class ...
A 5 percent real estate commission on that price would come to $12,500. But in San Francisco, where the median was a considerably higher $1.37 million, a 5 percent commission would come to $68,500.
Under the current standard, if a homeowner sells a property for $400,000, about average for existing homes in the United States, a 5 percent commission amounts to $20,000.
Multiple listing service. A multiple listing service ( MLS, also multiple listing system or multiple listings service) is an organization with a suite of services that real estate brokers use to establish contractual offers of cooperation and compensation (among brokers) and accumulate and disseminate information to enable appraisals.
Dennis Hope, an entrepreneur in the U.S., sells extraterrestrial real estate. In 1980, he started his own business, the Lunar Embassy Commission. Hope claimed to have sold 2.5M 1-acre (0.40 ha; 4,000 m 2) plots on the Moon as of 2009, for around US$20 per acre (US$50/ha). He allocates land to be sold by closing his eyes and randomly pointing to ...
Private transfer fee. A private transfer fee covenant [1] is a legal instrument that is filed in the real property records, which imposes an assessment payable in connection with a series of future transfers of title to certain real property. The assessment [2] can be for a fixed amount or a percentage of the sales price, and typically runs for ...