Andy W
07-30-2007, 01:10 PM
My wife is selling a home that she inherited, and her agent has asked for a percentage of the earnest money in the case that someone makes an offer on the home and the deal falls through. Is this a standard request? If so, what is a fair percentage to pay?I should clarify my question a bit. The agent isn't asking for any money up front. In the contract my wife is being asked to sign, he has a clause that says that if a potential buyer puts down some earnest money and the deal falls through, he gets to keep a percentage of that earnest money.Thanks to everyone who's answered so far!
rhsaunders
07-30-2007, 11:00 PM
The agent is entitled to nothing unless and until a sale is completed. At that time, the agreed commission is paid through the settlement process. Any earnest money should have been deposited in a trust account, where it is available for settlement.
David
07-30-2007, 11:03 PM
I've personally never seen that and am even wondering the legality of that request. I always get paid at closing and it goes through my broker and that's the only time I get paid. If a deal falls through I get nothing.
margot
07-30-2007, 11:11 PM
None of my real estate agents asked for this when I sold my homes. This is the first I've heard of it. I wouldn't do it. I'd find another agent.Added 6/27: Doesn't matter when the agent receives this additional money.