80.How The Real Estate Commission Structure Works in Morgantown, KY

The real estate commission structure is a fee paid to the real estate agent or brokerage for their services in buying or selling a property. It is usually a percentage of the sale price and is split between the listing agent and the buyer’s agent. Here’s how it works:

1. The commission is agreed upon by the seller and the listing agent when the property is listed.
2. The commission is typically a percentage of the sale price, usually around 5-6%.
3. The commission is split between the listing agent and the buyer’s agent, with each receiving a portion, often 50/50.
4. If the property is sold without a buyer’s agent, the entire commission goes to the listing agent.
5. The commission is paid by the seller at closing, after the sale is completed.
6. In some cases, the commission may be negotiable, especially in a buyer’s market.

It’s important to note that commission structures and fees can vary by state and by individual real estate agent or brokerage.

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