This is a common question and the simple answer is ,realtors are paid a commission based on the selling price of the property unless a separate arrangement is reached. So what that means is on the day of closing, the closing attorney is going to hold out a fee equal to the commission due to the Realtor. That commission is typically 5-6% but again, it’s negotiated between the parties and the Realtor. There is no law concerning the amount of commission. If there’s more than one Realtor or more than one real estate agent involved, typically they will share or split that commission. A party is not obligated to pay twice as much just because there are 2 agents involved. Again, the attorney works with the agents to make sure that’s taken care of and that’s something you have to worry about on the date of closing.
Marc N. Needelman is an experienced real estate attorney, located in Hartford, CT. Contact the law office with questions and get a free initial consultation.