What is the difference between buyer's premium and seller's commission?
An example of an AI chatbot conversation about buyer's premium and seller's commission in transactions.
What is the difference between buyer's premium and seller's commission?
Buyer's premium is an additional fee paid by the buyer, while seller's commission is a fee paid to the seller's agent.
How are these fees calculated?
Typically, the buyer's premium is a percentage of the final sale price, while the seller's commission is also a percentage, often negotiated.
Are there any situations where one is more significant than the other?
Yes, in competitive auctions, the buyer's premium can significantly increase the total cost for buyers, while sellers may negotiate lower commissions.
Can these fees vary by industry?
Absolutely! Different industries, like real estate or art auctions, may have varying standard rates for both fees.
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