Cyprus Property Forum for Buyers, Sellers & Investors

Is it normal for the agreement between estate agent and seller to stipulate that the agent's 5% commission is to be paid as soon as contracts have been signed and not when the buyer has actually paid the seller?

Andrew Hatch wrote: ↑19 Mar 2019 11:12 Is it normal for the agreement between estate agent and seller to stipulate that the agent's 5% commission is to be paid as soon as contracts have been signed and not when the buyer has actually paid the seller?

It is not normal, some agents put in what they want, if you are not happy with this, tell them to change it and specify to be paid once the transfer has been made. if they don't then don't use them. There are a number of reasons a deal can collapse even at the last minute, and how can you pay them when you have not received the proceeds of the sale.

An agreement is just that, if you don't agree don't sign, there are other agents that will deal for you.

What district are you in??

Thanks Pantheman.

It does seem logical that the agent's payment will only be possible once the buyer has paid the seller so an agreement where an agent puts in "what they want" is a concern.

Limassol

Hi Andrew

Look at it this way - would you pay an estate agent in the UK his commission before the sale had gone through and you'd received the money?

Regards,