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When do Estate Agents get paid?

  • 04-06-2019 3:22pm
    #1
    Fatscally
    Registered Users, Registered Users 2 Posts: 173 ✭✭


    There is a property put on sale. The property is in dispute.
    A Lis Pendens has been applied to the deeds / a note that litigation is pending and the deeds are to be held until permitted by the court.
    The estate agent (EA) has been notified of the Lis Pendens and informed that the house cannot be sold until after the judicial proceedings possibly 12 months away. In spite of this knowledge still the EA has the house on the market and is conducting viewings. After a call with the EA he stated that there are no problems and the sale should go smoothly.

    What I am trying to do is understand his motivation for doing all of this extra work dispite knowing that the property cannot be sold.

    Does he get paid once an offer is agreed and accepted? Therefore leaving the poor buyer and I suppose seller (that's trying to sell before litigation) to fall victim to the Lis Pendens after he's gone off with his fees?


Comments

  • #2
    Doop
    Registered Users, Registered Users 2 Posts: 1,479 ✭✭✭Doop


    Estate agent gets paid on completion of the sale.


  • #3
    Fatscally
    Registered Users, Registered Users 2 Posts: 173 ✭✭Fatscally


    Doop wrote: »
    Estate agent gets paid on completion of the sale.

    Hi Doop.
    So does that mean when the transaction is made to the seller? Like when the seller gets paid the EA gets paid more or less the same time?


  • #4
    BrokenArrows
    Registered Users, Registered Users 2 Posts: 7,501 ✭✭✭BrokenArrows


    Fatscally wrote: »
    There is a property put on sale. The property is in dispute.
    A Lis Pendens has been applied to the deeds / a note that litigation is pending and the deeds are to be held until permitted by the court.
    The estate agent (EA) has been notified of the Lis Pendens and informed that the house cannot be sold until after the judicial proceedings possibly 12 months away. In spite of this knowledge still the EA has the house on the market and is conducting viewings. After a call with the EA he stated that there are no problems and the sale should go smoothly.

    What I am trying to do is understand his motivation for doing all of this extra work dispite knowing that the property cannot be sold.

    Does he get paid once an offer is agreed and accepted? Therefore leaving the poor buyer and I suppose seller (that's trying to sell before litigation) to fall victim to the Lis Pendens after he's gone off with his fees?

    Possibly as a means to get buyers on his books. Is the price its advertised as very good value?


    After viewing it and receiving an offer he would say "Sorry but the property is no longer on the market due to pending legal action, but i have x, y or z property you might be interested in"


  • #5
    Fatscally
    Registered Users, Registered Users 2 Posts: 173 ✭✭Fatscally


    BrokenArrows wrote: »
    Possibly as a means to get buyers on his books. Is the price its advertised as very good value?


    After viewing it and receiving an offer he would say "Sorry but the property is no longer on the market due to pending legal action, but i have x, y or z property you might be interested in"

    Yes. exceedingly good value. It was valued at 350k but is listed at 319k.
    I had a feeling that was an option.


  • #6
    Cuddlesworth
    Registered Users, Registered Users 2 Posts: 14,012 ✭✭✭✭Cuddlesworth


    Fatscally wrote: »
    Hi Doop.
    So does that mean when the transaction is made to the seller? Like when the seller gets paid the EA gets paid more or less the same time?

    Buyer gives the deposit to estate agent on sale agreed. After contracts are signed, the agent sends the remainder over to solicitor of the seller, after taking their fees.


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