The maximum commission payable in most cases will be 10% of the sale price of a home. This means the Seller should receive 90% of the sale price and the Buyer should retain the remaining 10%.
Within 7 days of being assigned the agreement, the Buyer (new occupier) must send the site owner a Notice of assignment form together with a number of documents, including documentary evidence of the price paid for the home. This could be a bank statement or bank payment/transfer receipt.
As soon as is practicable after receipt of the Notice of assignment form, the site owner must provide the Buyer with details of their bank account into which the commission should be paid. The Buyer does not have to pay the commission until the site owner has provided their bank details.
On receipt of the bank details, the Buyer (new occupier) will have 7 days to pay the commission into the site owner’s bank account.
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