AI helped me with this:
When selling a house, the seller typically pays the full real estate commission, which is usually around 5% of the home's sale price. This commission is often split between the seller's agent and the buyer's agent, with each receiving about 2.5% to 3%.
For example, if your house sells for $300,000, the total commission would be:
[ 300,000 \times 0.05 = 15,000 ]
So, the seller would pay $15,000 in total, which might be split as follows:
Seller's agent: $7,500
Buyer's agent: $7,500
However, the exact commission can vary based on the agreement you have with your real estate agent, and it can sometimes be negotiated. Some agents offer lower rates or flat fees, so it's always a good idea to discuss the details with your agent before listing your property.
AI-generated answer. Please verify critical facts.
I'm guessing this is America.
That's CRAZY!!!
We generally don't have buyers agents in the UK. However if you're buying in the plus Β£5M GBP raneg, you would often hire an agent to do the search for you.
They typically earn what they save you on the asking price by negotiating on your behalf. They typically earn 40% - 60% of this discount.
Sorry. I always assume we're talking about the US. Haha. Carry on!
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