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Real Estate Word of the Day: Commission

Commission is a fee paid to real estate professionals for their services in facilitating a property transaction. This fee typically comprises a percentage of the property's sale price and is divided between the buyer's agent (also known as the buyer's representative) and the listing agent (the agent who represents the seller). While commission rates can vary, they usually range from 1% to 4% of the sale price.


When you're in the market to purchase a new home, you might wonder about the cost of hiring a buyer's agent. The good news is that, in most cases, you don't pay your buyer's agent directly out of pocket. Instead, the commission for your buyer's agent is generally covered by the listing agent of the…

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