you
and this video will talk about the
basics of buying and selling a property
let's pretend that this is your own and
this is you you decide to call a real
estate sales representative to help you
sell your property
let's also draw the brokerage your tour
now every seller sales rep has a
different Commission fee agreement with
their seller for their services in this
video let's just say they agree on 5% of
the purchase price once all required
documents are signed now we can talk
about the MLS route the MLS sheet is
what every other real says sales rep
sees to learn more about a property
that's on the MLS this contains the
asking price number of bedrooms
washrooms and many other property
details it also indicates the
cooperating brokerage Commission in
other words if any other wheels that
sales are frames inclined to purchase
this property they will be given a
commission fee in this video let's just
say you'll be given 2.5 percent of the
purchase price once the amount of shoes
created and is uploaded on the MLS we
can put the sign on the property
let's assume we're selling this property
for $100,000 now after it being on the
market for a while and having a good
amount of people coming in to see the
property
let's say we find our buyer in this case
is being represented by a sales
representative again let's draw the
verbage she works for every buyer sales
rep agrees and different commission fee
with their buyer in this video let's
just say they agreed on 2.5 percent of
the purchase price or they could agree
on as for MLS this means the buyer sales
rep is okay with receiving the amount of
Commission fee being offered on the MLS
the buyer loves the property and tells
the sales rep to present an offer now
their offer includes price of a hundred
thousand dollars exactly what the seller
wants no conditions a closing date of
one month in other words the bars are
asking for one month before the property
is closed I will talk about this later
in the video and within this month
they're giving us five thousand dollars
of the purchase price now as a security
deposit the seller has no problem with
the offer and decides to sign
the seller sales rep now takes a deposit
and hands it to his brokerage to be kept
in the trust account usually the day
after the offer signed the seller and
buyer will contact a lawyer if they
already haven't done so from this point
on the lawyers pretty much take care of
everything up to the closing date in
order to complete this transaction
everything takes place on this day let
me explain the buyer will pay the
remaining ninety five thousand dollars
plus his lawyer fees and other costs
then it gets transferred to the sellers
lawyer and finally the seller receives
ninety five thousand dollars - his
lawyer fees and other costs now the
owner show that the property is
transferred to the buyer and the
property is considered closed now what
about the real estate sales reps the
seller brokerage already has the $5,000
deposit so from that the sellers sales
rep gets paid 2.5%
- Purgatory's as stated on the MLS sheet
the co-operative brokerage gets paid the
remaining 2.5% now the buy brokerage
pays the bar sales rep to 2.5% -
brokerage fees this is just a simple
example free of any problems or
complications everyone walks away happy
that's the ultimate objective of every
real estate sales representative