Question: Are commercial property transactions allowed?
Answer: Yes, agents can sell commercial properties through our commercial division. The brokerage charges 10% of the agent's gross commission for commercial transactions.
Question: How do you define a commercial property?
Answer: Residential properties containing 5 or more units are classified as commercial. Anything else not zoned residential is considered commercial. In other words, anything other than residential properties of 4 or less units is considered commercial. For questions or disputes over the property zoning we rely on the final zoning designation of the property by the relevant municipality with authority.
Question: So mixed-use zoned property with housing units over a commercial space would be classified how?
A mixed-use zoned property would qualify as commercial.
Question: What if I'm buying an individual condo where there are more than 5 condos in the complex? Is this classified as commercial?
Answer: No, individual condo sales would NOT be considered commercial no matter how many units are part of the complex.
Question: What about a vacant piece of land that has the potential to be mixed use?
If the property is zoned as mixed-use or anything other than exclusively residential then the commercial commission rule is triggered.