Q: At the time of the closing does the commission for the sellers agent get subtracted from the money owed to the seller or does a separate check get written ? This is for a transaction in New York State.
?Skip, Ghent, NY
A: Commissions, as with other closing costs, are typically deducted from the seller?s proceeds and disbursed by the closing company on behalf of the seller. The seller then receives a check for the net proceeds from the sale of the property. If payments will exceed the sales proceeds, the seller would pay a cashier?s check or other certified funds to the closing company, who would then make the proper disbursements.
Phil Lunnon is a Realtor? with Lunnon Realty in Lakewood, CO.
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Source: http://www.realtor.com/blogs/2012/07/31/how-does-the-agent-get-paid/
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