Comments on: How do estate agents know when a sale has gone through, and how do solicitors know to pay them commission? http://www.buymyhome.me.uk/conveyancers/how-do-estate-agents-know-when-a-sale-has-gone-through-and-how-do-solicitors-know-to-pay-them-commission.html We Buy homes Fast for Cash Wed, 21 Jul 2010 02:51:12 +0000 http://wordpress.org/?v=2.8.6 hourly 1 By: bricktopsglasses http://www.buymyhome.me.uk/conveyancers/how-do-estate-agents-know-when-a-sale-has-gone-through-and-how-do-solicitors-know-to-pay-them-commission.html/comment-page-1#comment-225 bricktopsglasses Tue, 16 Mar 2010 08:20:14 +0000 http://www.buymyhome.me.uk/conveyancers/how-do-estate-agents-know-when-a-sale-has-gone-through-and-how-do-solicitors-know-to-pay-them-commission.html#comment-225 THe property is officially sold once the missives have been signed by both parties. This is handled soley by the solicitors of the buyer and vendor. The solicitors role is to handle all transfer and payment of funds - including his own fee and will settle all bills ie: paying the estate agent his fee before depositing the funds to your bank account. All of this is done to an agreed date and time by both parties so that the solicitor confirms funds have transferred and the estate agent will then, and only then, release the keys. THe property is officially sold once the missives have been signed by both parties. This is handled soley by the solicitors of the buyer and vendor. The solicitors role is to handle all transfer and payment of funds – including his own fee and will settle all bills ie: paying the estate agent his fee before depositing the funds to your bank account. All of this is done to an agreed date and time by both parties so that the solicitor confirms funds have transferred and the estate agent will then, and only then, release the keys.

]]> By: CHERI S http://www.buymyhome.me.uk/conveyancers/how-do-estate-agents-know-when-a-sale-has-gone-through-and-how-do-solicitors-know-to-pay-them-commission.html/comment-page-1#comment-224 CHERI S Sat, 13 Mar 2010 21:52:02 +0000 http://www.buymyhome.me.uk/conveyancers/how-do-estate-agents-know-when-a-sale-has-gone-through-and-how-do-solicitors-know-to-pay-them-commission.html#comment-224 In the simplest terms possible.....Here where I live, the Escrow agent disburses funds not a solicitor. The Escrow Agent is at the Title company. When the Listing agent gets an accepted contract he/she then "opens title" at the title company. After everything is cleared on the title, the financing is all final, the inspections are final and accepted, any repairs are done, etc, then the Escrow agent funds the whole deal. So then the seller gets a check, the participating real estate agents get a check, etc. How do they/we know? The same way you know how much is owed to you on your paycheck. We keep up with it. We keep good records. We have the MLS (multiple listing service) that won't allow the same house to be listed with more than one agent at a time. Our broker also keeps good records and knows what we should receive in commissions because he gets a big portion. Most things are electronic so it's hard to lose any of it. If someone listed with me and then tried or succeeded in selling it on their own, I'd know because I'd see my sign gone from the yard and this would set off alarm bells in my head to find out why which would /could lead to lawsuits. My Supra box (allows me to enter the home with an electronic key that opens the box and gives me the key to the home) is also on the doorknob so if that was gone I'd KNOW something was up. We keep up with this stuff. Those that are too busy, hire someone to help them. In the simplest terms possible…..Here where I live, the Escrow agent disburses funds not a solicitor. The Escrow Agent is at the Title company. When the Listing agent gets an accepted contract he/she then “opens title” at the title company. After everything is cleared on the title, the financing is all final, the inspections are final and accepted, any repairs are done, etc, then the Escrow agent funds the whole deal. So then the seller gets a check, the participating real estate agents get a check, etc. How do they/we know? The same way you know how much is owed to you on your paycheck. We keep up with it. We keep good records. We have the MLS (multiple listing service) that won’t allow the same house to be listed with more than one agent at a time. Our broker also keeps good records and knows what we should receive in commissions because he gets a big portion. Most things are electronic so it’s hard to lose any of it. If someone listed with me and then tried or succeeded in selling it on their own, I’d know because I’d see my sign gone from the yard and this would set off alarm bells in my head to find out why which would /could lead to lawsuits. My Supra box (allows me to enter the home with an electronic key that opens the box and gives me the key to the home) is also on the doorknob so if that was gone I’d KNOW something was up. We keep up with this stuff. Those that are too busy, hire someone to help them.

]]> By: chip2001 http://www.buymyhome.me.uk/conveyancers/how-do-estate-agents-know-when-a-sale-has-gone-through-and-how-do-solicitors-know-to-pay-them-commission.html/comment-page-1#comment-223 chip2001 Sat, 13 Mar 2010 17:26:38 +0000 http://www.buymyhome.me.uk/conveyancers/how-do-estate-agents-know-when-a-sale-has-gone-through-and-how-do-solicitors-know-to-pay-them-commission.html#comment-223 OK, I work in an estate agency, so here goes: When a sale is first agreed, a confirmation (sometimes called memorandum) of sale is sent out to the buyer, seller, and both sets of solicitors. Now everyone knows who's involved, including the solicitors knowing the agent. When the conveyancing is finished, the solicitors exchange contracts and a date for completion is set. On the day of completion, when the money is transferred, the seller's solicitor tells the other solicitor, and the agent, that the keys can be released. The seller will be asked by his solicitor to give permission for the solicitor to pay the agent their commission. Agencies keep careful check on the progress of each sale and invoice the solicitor on behalf of the seller on completion. Regards a house being on with one agent and then selling privately or with another agent: the seller would normally tell his agent, but if you're joint agent with another, you're usually quick to gleefully tell the other agent that you have clinched the sale! I think I've answered all your points, just add another detail if I've missed something. NB Cheri S is obviously in the USA - I assume that you're in the UK, like me. OK, I work in an estate agency, so here goes:
When a sale is first agreed, a confirmation (sometimes called memorandum) of sale is sent out to the buyer, seller, and both sets of solicitors. Now everyone knows who’s involved, including the solicitors knowing the agent.
When the conveyancing is finished, the solicitors exchange contracts and a date for completion is set.
On the day of completion, when the money is transferred, the seller’s solicitor tells the other solicitor, and the agent, that the keys can be released.
The seller will be asked by his solicitor to give permission for the solicitor to pay the agent their commission.
Agencies keep careful check on the progress of each sale and invoice the solicitor on behalf of the seller on completion.
Regards a house being on with one agent and then selling privately or with another agent: the seller would normally tell his agent, but if you’re joint agent with another, you’re usually quick to gleefully tell the other agent that you have clinched the sale!
I think I’ve answered all your points, just add another detail if I’ve missed something.

NB Cheri S is obviously in the USA – I assume that you’re in the UK, like me.

]]> By: mrssandii1982 http://www.buymyhome.me.uk/conveyancers/how-do-estate-agents-know-when-a-sale-has-gone-through-and-how-do-solicitors-know-to-pay-them-commission.html/comment-page-1#comment-222 mrssandii1982 Fri, 12 Mar 2010 12:12:48 +0000 http://www.buymyhome.me.uk/conveyancers/how-do-estate-agents-know-when-a-sale-has-gone-through-and-how-do-solicitors-know-to-pay-them-commission.html#comment-222 When you sell, or buy, you inform the sellers estate agent of your solicitor. The agent then writes to both sides solicitors. If the solicitor has not been instructed, they will contact the agent saying that they await formal instructions. With regards to the second point, it is the sellers responsibility to inform the agent to take the house off the market- untill then the seller is still liable for the costs. The solicitor will write to the agent with a cheque paying the fees, and the agent will allocate this. In the entire process, the agent and both parties solicitors are in constant contact. When you sell, or buy, you inform the sellers estate agent of your solicitor. The agent then writes to both sides solicitors. If the solicitor has not been instructed, they will contact the agent saying that they await formal instructions.
With regards to the second point, it is the sellers responsibility to inform the agent to take the house off the market- untill then the seller is still liable for the costs.
The solicitor will write to the agent with a cheque paying the fees, and the agent will allocate this.

In the entire process, the agent and both parties solicitors are in constant contact.

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