Sign a seller to this agreement and, if the home sells, you're getting paid, plain and simple. If the broker procures the buyer, the listing broker gets paid. If a license holder other than the listing broker brings the buyer to the transaction in an exclusive right to sell listing, commissions are generally split, per the listing agreement instructions, between the listing broker and that license holder. (Having never passed the state real estate exam, Elvis would not qualify for a commission split.) In a net listing, the seller sets the net amount she wishes to receive from the sale of the property.If the property sells for more than this amount, the broker is entitled to keep the excess as the broker's commission. Net listings are only legal in California if the broker reveals the amount of the commission before the seller commits to the transaction. Occasionally a home seller might want you to work under a net listing arrangement. A net listing provides that the seller gets a certain amount of cash from the sale, and the real estate agent gets anything over that net amount. For example, your seller may not care what the sales price is, as long as he walks away from the sale with $150,000.He tells you that you can keep the portion of the sales price that is more than $150,000.If the home sells for $160,000, you get a $10,000 commission.If the home sells for $180,000, you get a $30,000 commission. Net listing arrangements are legal in California, although they are discouraged and not widely used. State law requires that a broker using a net listing must disclose the amount of his or her commission to the seller before the seller becomes committed to the transaction. This is because net listings afford too many opportunities for unscrupulous brokers to take advantage of home sellers. For instance, suppose the seller wants $150,000 net. A dishonest broker might agree to accept anything over $150,000 as his commission, knowing full well that the home is worth at least $190,000. Instead of telling the seller the fair market value of the home, he agrees to the net listing and ends up making $40,000 off the sale. This is close to a 21% commission—a much bigger commission than most sellers would be willing to pay if they knew all the facts. For example, suppose your seller doesn't care what the sales price is, as long as he'll walk away from the sale with $150,000. The
seller agrees to pay for the buyer's title insurance policy and the real estate excise tax. This paragraph also lists items that will be prorated between the seller and the buyer at closing. This may include rent, property taxes, interest, reserve account deposits, assumed obligations, homeowners association fees, and insurance. title, water, sewer/ on site sewage system, structural, systems and fixtures, homeowners assoiciation/ common interst, envirionmental, lead based paint, manufactured-mobile homes, full disclosure by seller, full disclosure by sellers, This law prohibits discrimination in real estate transactions based on race, creed, color, national origin, sex, sexual orientation, marital status, familial status, sensory, physical, or mental disability, the use of a trained guide or service animal, or military or veteran status. if they're based on race, creed, color,
national origin, sex, sexual orientation, marital status, familial status, disability, use of a guide or service animal, or military or veteran status. Under the ADA, disabled persons must be allowed equal access to places of public accommodation and other commercial facilities. Thus, your real estate office must be reasonably accessible to the disabled. |