Yes.Rothesay wrote: ↑Apr 10th, 2015 10:59 amI think what you have here is very solid. However, I'm not very good with legal language, I am thinking whether the language would allow for a flat fee under a certain amount.
So using your example, on a $1 Million listing, if sale price is under $1M, would the propose changes allows for the owner compensate the listing agent for a fixed fees and for offers over $1M, it will be Fix Fees + 2.5%
S.36(1), which is presently in force, allows a flat fee or % of the total sale price or both.
My proposed S.36(1)(b) would allow flat fee or % of the total sale price above a certain amount or both. You pick the amount where % commission starts at and pay the % commission on the difference between that amount and the sale price (and any flat fee if agreed).
So under my proposal and the example if the agent doesn't even get the $1M listing price (and that's the amount you agreed that the commission would start from) he gets no % commission, but would get the flat fee if that had been agreed upon when the property was listed.