Selling house costs..

Jon5321

When selling a house do you wait till you have sold your house befor you pay any estate agent fees?

davidmcn

They might want a small portion upfront but you usually pay the bulk of it on completion of the sale.

Flugelhorn

the bill is usually sent to the solicitor by the estate agents and it is paid by them at completion

KL0001

Our contract is for the monies owed to the Estate Agent to be paid on completion

eddddy

Jon5321 wrote: »

When selling a house do you wait till you have sold your house befor you pay any estate agent fees?

It depends on the EA's contract. Read the contract carefully, and ask the EA detailed questions about their fees.

• Traditionally, EAs were paid a percentage of the sale price on completion of the sale (ideally with 'no sale, no fee').

• But some EAs will want full fees if they introduce a 'Ready, Willing and Able Buyer' - but you decide not to sell.

• And some EAs will want a withdrawal fee, if they are unable to sell the property, and you decide to try another EA.

• And now some agents want a fixed fee payable in advance (and payable whether the property sells or not).

• Other examples include EAs that wants their fee paid when the property sells, or after 10 or 12 months - whichever happens first.

Flugelhorn

eddddy wrote: »

Other examples include EAs that wants their fee paid when the property sells, or after 10 or 12 months - whichever happens first.

Gooodness - brave EA asking for that ! Might get a few choice words if not sold after 10-12 months (have had a few take longer .. :eek:)

eddddy

Flugelhorn wrote: »

Gooodness - brave EA asking for that ! Might get a few choice words if not sold after 10-12 months (have had a few take longer .. :eek:)

Well... here's one example. I suspect you've seen their adverts on the telly. (But they don't mention the 10 months bit.)

PAYMENT TERMS - EXTREMELY IMPORTANT


PLEASE READ CAREFULLY:
If you choose to Pay Later you shall make payment in full of the Product Service Fee when any of the following occurs, whichever happens first:

• When the property sells and the legal process is complete or
• If you withdraw your instructions for us to market the property or
• If you choose not to use the Conveyancing Services or
• Ten months from the date you enter into the Service Agreement.

Link: https://www.purplebricks.co.uk/terms/service-agreement

dimbo61

So this is a HUGE can of worms !
Old fashioned high street estate agents would ask for a percentage of the sale price and market the property for you.
You paid them when the property was sold and your solicitor received the monies.
New online estate agents spend hundreds of thousands it not millions on advertising and can charge a fixed fee upfront or on sale.
Which type of estate agent you chose is your decision.
This depends on the local market, demand and your property

Flugelhorn

eddddy wrote: »

Well... here's one example. I suspect you've seen their adverts on the telly. (But they don't mention the 10 months bit.)

Wow - well I wasn't planning to use them anyway but you can see how they make their money :rotfl: