How Much it Cost to Sell a Home in Key West?

What fee will I pay on the sale of my real estate in Key West?

Typically, real estate firms charge 5 to 7 percent of the sale price. On some higher-priced homes, a firm may charge the full commission on the first $100,000 or $200,000 and a lower percentage of any amounts above that price. If the agency that lists the home is also the agency that sells it, the commission is shared by the agency and the individual agent who actually handled the sale. If the listing firm and the selling firm are different, the commission is shared by the two firms.

Some Internet-based firms have marketed themselves as low-commission realtors, advertising commissions as low as 2 percent. These services are so new that it is difficult to say how effective they be on behalf of buyers, but there is no reason not to investigate them.

Other less common real estate forms of fee payments include the flat-fee method, in which a set fee is charged regardless of the home's price, and the net method. The latter, which is not favored and is illegal in some states, allows the broker to retain any amount of the selling price higher than an agreed sale price.

It is important to keep in mind that all Key West Real Estate commission agreements are negotiable, particularly in a seller's market.

What other terms in the Key West real estate listing agreement are negotiable?

In theory, they all are. At the very least, the Key West real estate agency should be willing to negotiate provisions on:        

• The length of the contract. Many of the standard forms provide that the contract renews automatically. Many firms want a six-month listing. If you're in a hurry to sell your home, try to get a 60-day or 90-day listing.

• When the commission is earned. For example, this might occur only when the seller and buyer actually complete the sale, not when they sign the purchase agreement.          

• Who will be responsible for the advertising expenses--the seller or the agency.