A real estate agent or broker represents both the buyer and seller in a transaction. While typically the broker is representing both the buyer and seller, they are often not on their own legal behalf. In many cases the broker is referred to as a Realtor and represents only the buyer. This is different from selling or buying a home, where the Realtor is typically representing just the seller. This is very important to know when you are considering using an agent.
There are a number of benefits to using an agent that are designed to benefit both parties. First of all, agents have a fiduciary duty to act in what is best for the property they represent. They also have a legal duty to do an honest and accurate job. If they do not do either of these things, then they may find themselves in violation of the law. Because of this, most brokers have to pass an ethics test before being able to work in real estate.
Another reason to use a real estate agent is because they can save you time. Brokers have access to multiple different lenders at one time. They also have connections to a vast network of other vendors. When you hire an agent, you are hiring them to work for you and help you make money. Most brokers will charge you a fee upfront, but there are some who will work without a commission.
There are other reasons to use a real estate agency. You can find buyers that are willing to pay more than what your home is worth. This is because real estate agents will negotiate with other agents and vendors so they can get you a better deal. They are also aware of the different real estate laws in your state. Many states will mandate that real estate agents have to hold a fiduciary responsibility. Be sure to discover more here!
A broker does not have to actually close the deal, but they still need to follow the laws that apply. For example, when you arrange a seller-financing transaction, the principal is responsible to keep up on all of the financing until the final closing. If the principal fails to follow these laws, the lender can go after the principal for the amount still owed. A good agent will make sure the lender is not on the hook for any part of the closing costs. To know more about real estate, visit this website at http://www.ehow.com/how_2050280_create-real-estate-listing.html.
Finally, many agents work with both principal and agent. They will coordinate the details of the transaction, so both parties feel confident that everything has been done according to the laws about
