Role of the real estate agent
Most Listing Agreements entitle the Real Estate Broker to a commission when the Real Estate Agent has procured a ready, willing and able buyer, even if the transaction is not finalized.
Realtors take on many roles in a real estate transaction, but their most important role is that of a “fiduciary.” That means he or she must be absolutely loyal to the client. The Real Estate Agent owes his client the duties of care, accounting, loyalty and notice. The duty of loyalty means that the Real Estate Agent cannot represent two different parties in the same transaction (known as “dual agency”) without the consent of each party. In return, the client owes the Real Estate Broker compensation in accordance with the terms of the Listing Agreement.
Finally, when two parties come together and agree upon the terms of the sale, the Real Estate Agent will have the seller and buyer sign a document called a Contract, or Agreement to Sell and Purchase Real Estate. This document is the blueprint for the entire transaction. When signed by both the buyer and seller it becomes a legally-binding contract. Both the seller and buyer should have a lawyer review the contract before signing it or have the Real Estate Agent include language in the contract stating that the contract is subject to the approval of the attorneys for the parties within a certain period of time.
Real Estate Agents are an important part of the real estate transaction, and with attorneys, share the common goals to make the transactions smooth for all parties concerned.
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