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Sellers Fees in a Real Estate Transaction


Savannahjo
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Greetings friends.  After over 7 years on this site, my wife and I are selling a property and I wanted to get a feel for sellers fees and specifically if it is standard for the seller to pay for the taxes on the real estate commission for the broker.  I can see generally there are taxes paid for that, but not who is responsible and I am thinking since it is not specially called out it is just something the real estate person pays themselves?  

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  • 2 weeks later...

So, after some research, it is pretty common that the seller pays the tax on commission.  We negotiated that out and will pay 7%.  There is always great debate on this forum of renting vs buying.  We just accepted the SPA (Sales Purchase Agreement) rom the buyer and have sold (or the buyer will forfeit the deposit) our property for 106% of what we purchased it for 7 years and 5 months ago.

Great investment, a special property and now onto the next one!

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  • 1 year later...
1 hour ago, David C. Murray said:

A practical approach would be to get your attorney, not theirs . . .

JCP,

This is critically important advice from David.

Do not ever use the seller's attorney; you want your own attorney who's working for YOU!

And still, you do need to thoroughly vet any attorney whom you intend to use.

OK — HTH

Paul M.
==

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