A real estate agency’s job is to secure the absolute highest available price for a property and transact the deposit.
Say then, the purchaser can’t find the balance of funds to settle the purchase, why do you still have to pay the commission fee to your agent?
Thankfully these sorts of situation are few and far between and usually arise for unusual and unforeseen circumstances like the purchaser dies or goes bankrupt.
There is very little any agency can do to control or foresee these sorts of situation and in fairness, our job is done once the hammer falls or the agreement is dated and the deposit is paid.
That means the agent’s commission fee is still payable even if the purchaser can’t find the balance of funds and the sale doesn’t go through on settlement day.
However, the vendor gets to retain the purchaser’s deposit, minus the agent’s fee. They can then go on to sell the property again for an equally brilliant – if not better – price to another more deserving buyer.
The best an agent can do is make every effort to ensure that purchasers are genuine – by requesting a copy of their drivers licence as well as their personal contact details and their lawyer’s contact details. Plus, by the time auction day rolls around or purchasers are ready to put in an offer, a good salesperson has usually built up a relationship with buyers so they’ve got a good idea whether or not they’re the real deal.
About The Property Market
The Property Market is a full service real estate agency built to deliver a better experience for buyers and sellers. Think real estate, only reinvented.
- Our Freemans Bay real estate agents operate within a 20 minute radius of our office at 60 College Hill, Freemans Bay.
- Our real estate agent commission rates are innovative and competitive.
- Our focus on customer service is second-to-none.
So, if you’re thinking of selling your house, give us a call.