What Is Earnest Money
Earnest Money is the money that is put down to show your seriousness about buying a home. It must be large enough to indicate good faith and usually hovers around 1 – 5 % of the purchase price. If your offer is accepted by the seller, then the earnest money becomes part of your downpayment or closing costs. If the offer is rejected then the money is returned to you. If you back out of a deal, you will have to forfeit the entire amount.
How Much Commission Do You Charge
The following are our terms and conditions for commission or brokerage fees:
(a) Where we act on behalf of both the Buyer and the Seller, commission at the rate of 2 % shall be paid to us by each party.
(b) Where we act only for the buyer or the seller, commission @ 2% shall be paid by the party for whom the member acts.
Before we start showing you homes, our real estate agent will discuss our terms and conditions with you and only if you are comfortable with our terms shall we proceed with the showing of properties.
The commission will have to be paid to us at the time of execution of the:
(a) Deed of Transfer or
(b) Agreement for sale or
(c) Completion of the transaction or
(d) Possession of the said property
Whichever is earlier. For more comprehensive information on our brokerage rates click here.