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James Comparelli, B.A., LL.B.
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Q: |
If you are doing a land contract sale, two year buyout time, when does the realtor get paid his/her commission on the sale? Is it necessary to do a closing to sign a land contract deal?
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A: |
In the Province of British Columbia, where I limit my practice, the realtor
normally receives his/her commission at the time of closing, that is, at the
beginning of the "two year buyout", whether by registration of the Agreement
for Sale, or by registration of a Transfer of title with a mortgage back to
the seller. If the parties don't close and register the deal, how will the
buyer protect his/her interest in the land?
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