definition
strict definition
brokerage commission
A service fee paid to an agent for the successful completion of a transaction.
A brokerage commission is a service fee paid to any party acting as an agent for the sale or lease of a property, normally upon successful completion of the transaction.
The fee compensates the agent's role in a sale or lease. It is distinct from the purchase price or rent paid for the property itself.
An owner's broker commission is paid to the owner's agent. A buyer or renter broker commission concerns the property seeker's agent, while a shared commission is divided between agents.
More specific definitions
3 sub-definitions-
buyer or renter broker commission
The service fee paid by a buyer or renter to an agent for finding a desired property. -
owner's broker commission
The service fee paid by a property owner to an agent for a successful sale or lease transaction. -
shared broker commission
A service fee shared between the owner's agent and the property seeker's agent for a successful sale or lease transaction.
Related definitions
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assessed value
A property value established by an official government assessment at a given time, usually for taxation. -
construction cost $
The total costs of construction in US Dollars as recorded at the time of completion. -
construction cost CHF
The total costs of construction in Swiss Francs as recorded at the time of completion. -
construction cost RMB
The total costs of construction in Chinese Renminbi as recorded at the time of completion. -
construction cost £
The total costs of construction in Pounds Sterling as recorded at the time of completion. -
construction cost ¥
The total costs of construction in Japanese Yen as recorded at the time of completion. -
construction cost €
The total costs of construction in Euros as recorded at the time of completion. -
demolition cost
The amount spent or projected for a complete or partial demolition project, according to the date of the figure. -
deposit
An amount of money presented to the owner as a security when leasing a property. -
land cost
The asking or paid price of a property's land at a given time, apart from the value of structures on it. -
property tax
The total annual property taxes levied by the applicable governments and owed by the property owner. -
renovation cost
The amount spent or projected for one renovation project, separated in time from other construction or alteration work. -
rental cost
The price charged to tenants per measured square unit to rent space in a structure. -
revenue
Monetary figures describing earnings or value received by a structure, company, land area, or other object. -
sales cost
The asking or agreed sale price of property expressed per square meter or square foot of floor space.