May 25, 2024

Curious About Deposit and Real Estate Commission!
You should know that some expenses are waiting for you in addition to your expenses in the process of buying a house.

The fee that the buyer pays to the seller as an amount of the price of the house to be purchased with the aim of guaranteeing the buyer’s purchase of the house from the seller is called deposit. In other words, it means monetary proof and reserve that the house to be deposited is on your record. While paying the sale price of the house, the deposit must be deducted from the specified amount. At the time the down payment is paid, the property may or may not pass to the buyer, depending on the nature of the contract of sale. In a sales transaction with a down payment, if the contract is not executed later, the down payment must be returned in whole or in part, as previously stipulated.

Real estate commission, on the other hand, is among the costs encountered in real estate purchase and sale transactions. If the real estate is bought, sold or rented through a real estate agent, it is necessary to pay a commission at determined rates. The commission rates applied in return for this intermediary service, which is under the supervision of official institutions, are legal and must be paid. The price paid to the real estate agent varies depending on whether people buy or lease real estate.

The commission fee paid to the real estate agent in the rental transactions is applied at the rate of 10 percent of the annual rental price, to be taken only from the lessor. This fee is collected only once, at the beginning of the rental process. In purchasing transactions, the fee determined at the rate of 2% over the sale price of the real estate is collected separately from the buyer and the seller.

The most important point here is that all terms must be determined in a written contract. If this contract is not established, the real estate agent cannot demand a fee. Apart from this, if the contract brokered by the real estate agent is reversed, the real estate agent will also have to return the fee he received.

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