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Ely
Ely, Counselor at Law
Category: Real Estate Law
Satisfied Customers: 99981
Experience:  Qualified attorney in private practice including business, family, criminal, and real estate issues.
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Is there a California Real Estate law stating that a real

Customer Question

is there a California Real Estate law stating that a real estate agent has to charge a maximum or a minimum fee for the sale of property, be private or an estate> Does California state that an agent has to charge a higher percentage if the property is only a lot with no structure on it ( house or building)? Finally, once a property is in escrow, no other offers (higher) can or will be accepted??? Thank you
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Ely replied 1 year ago.

Hello and welcome to JustAnswer. Please note:This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

is there a California Real Estate law stating that a real estate agent has to charge a maximum or a minimum fee for the sale of property, be private or an estate>

No. There is no statutory or administrative laws that mandate a maximum or minimum fee.

Does California state that an agent has to charge a higher percentage if the property is only a lot with no structure on it ( house or building)?

No. There is no such statutory or administrative rules.

Finally, once a property is in escrow, no other offers (higher) can or will be accepted??? Thank you

Generally speaking, no. This is because there is a binding contract in place by the time the property is in escrow, meaning that both parties have legally committed to the transaction. The property is off the market at this point, pending sale. By accepting a bid from another buyer, the seller would then be liable for breach of contract.

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