1. What is Real Estate Commission?

Real estate commission is the fee paid to agents and brokers for their services in facilitating a property sale. In Oklahoma, this is typically a percentage of the final sale price, negotiated between the seller and listing agent.

2. How Commission is Calculated

The standard commission calculation formula is:

Where:

• Sale Price — Final selling price of the property
• Commission Rate — Agreed percentage (typically 5-6% in Oklahoma)

Example: For a $300,000 home at 6% commission, the total commission would be $18,000.

3. Oklahoma Commission Rates

Details: While commission rates are negotiable, the typical range in Oklahoma is 5-6% of the sale price. This is usually split between listing and buyer's agents.

4. Using the Calculator

Tips: Enter the sale price in USD and the commission rate as a percentage (e.g., 5.5). The calculator will compute the total commission amount.

5. Frequently Asked Questions (FAQ)

Q1: Are commission rates fixed in Oklahoma?
A: No, commission rates are negotiable between the seller and real estate agent/broker.

Q2: Who pays the commission in Oklahoma?
A: Typically the seller pays the commission, which is deducted from the sale proceeds at closing.

Q3: How is the commission split between agents?
A: The total commission is usually split between listing and buyer's agents, often 50/50 but this can vary.

Q4: Are there alternatives to percentage-based commission?
A: Some agents offer flat-fee or tiered commission structures, though percentage-based remains most common.

Q5: Is commission taxable in Oklahoma?
A: Yes, real estate commissions are considered taxable income for the receiving agent/broker.