In the listing agreement, price refers to the sales price or listing price?
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In the listing agreement, price refers to the sales price or listing price?
Same as above.
Asked on February 16, 2018 under Real Estate Law, Florida
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
The actual sales price is the price used to determine the payment of commissions, transfer taxes, etc. The listing price is the seller's "recommended" price but not the final or "actual" price.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
As a general matter and for most purposes (such as the calculation of the realtor's commission), this would be the actual sale price. The listing price is aspirational, or what someone hopes to get; but the actual price is what the property is in fact sold for.
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