New law changes way homes sell
By Andrea Milner
4:00 AM Sunday Nov 29, 2009

It is about to cost more to sell your home, as real estate agents prepare to hike their commissions.

Jill Quaid, chairwoman of First National, says commissions have to go up within the next year, blaming extra compliance costs generated by new laws governing real estate agents.

The average commission is about 3.95 per cent of a home's sale price, plus a base fee of about $550. Quaid says some offices have already raised this to $750.

At the same time, a property lawyer is tipping more sellers could opt to sell privately to get around new rules making real estate agents disclose defects in the home to potential buyers.

Before the law change, agents did not have to point out the property's faults, says Debra Dorrington.

More here.