Realtors have an important role when it comes to buying and selling real estate. It is their role to bring buyers and sellers together. Without the assistance of local realtors it would be much more complicated to complete a real estate transaction.
Realtors Represent You
Selling or buying a home involves a large sum of money, sometimes millions of dollars. While there are real estate transactions that seem to run smooth as clockwork there are others that wind up being complicated and full of legalities to overcome. However, there are ways to help protect you and your interests.
Selling
When selling a home you should utilize the services of a local realtor. It is important that your interests are put first and protected. A realtor and/or the brokerage firm that represents you has the fiduciary duty to protect your position and interests, unless otherwise stated. It is important to talk with your agent concerning what their responsibilities are and how they will protect your interests. The contract between seller and agent is commonly referred to as “seller agency”.
An example of how a realtor will protect you when in such a relationship is in existence is by not telling potential home buyers why you are selling the home and if you offer any concessions in price. Of course you may choose to allow this type of information to be disclosed but many times you save it for the negotiations.
Buying
Similar to “seller agency” is “buyer agency”. This type of relationship is between the buyer and realtor but the same principles apply. Under this type of agreement the realtor represents the buyer. Information is kept secret to protect the buyer’s interests. Also if the realtor finds valuable information concerning the seller and the property that is not being disclosed they are obligated to inform the buyer.
Often times home buyers don’t enter into this type of agreement but there are times it can be beneficial. The only thing it costs is commitment to that realtor, however time frames can be set in the contract.
Realtors work hard to earn their commission, whether helping a buyer or seller. They drive buyers around town, buy an occasional lunch, and research the market. When buying and selling real estate it is important to know your rights and where the loyalties lye of the realtors involved.
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