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Your listing contract
specifies a listing price. Your agent’s job is to bring a "ready, willing
and able" buyer to present an offer. If you reach agreement with the buyer,
then the agent has done his job and earned the commission. Once the sale
has closed, the real estate broker gets paid from the proceeds of the sale.
If the buyer proves
unable or unwilling to conclude the sale, the house is placed back on the
market and the agent has to begin earning his or her commission all over
again.
However, if the seller
backs out or does not accept an offer that meets the price and terms of
the listing agreement, the listing broker has still earned the commission.
They may want to be paid, even though you did not actually sell your home.
Therefore, it is very important to carefully consider every detail when
completing your listing contract and accepting an offer to buy your property.
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