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Role of the real estate agent

An experienced Real Estate Agent can help both the home buyer and seller. A Real Estate Agent can offer advice to the seller on the suggested listing price, how best to show the home and approximately how long it will take the home to sell. The Real Estate Agent can help the buyer find the type of home and neighborhood best suited to the buyer. Even though a Real Estate Agent can help a buyer, Real Estate Agents usually represent the seller. A Real Estate Agent’s job is to list a home, seek a buyer, bring both parties together and smooth the path toward completing the sale. It is possible for a home buyer to retain a Real Estate Agent who is exclusively loyal to the buyer, known as a Buyer’s Agent. Make sure you discuss your Real Estate Agent’s obligations up front at the start of your purchasing or selling process.If you choose to use the services of a Real Estate Agent to sell your home, you will enter into a contract known as a Listing Agreement with the Real Estate Broker. You need to discuss the length of the Agreement, the commission to be paid, and your right to sell the property to certain people, such as friends or relatives, without being obligated to pay a commission. The Listing Agreement is a binding contract when signed by both parties. If you have questions about the Listing Agreement, the time to get legal advice about the consequences of signing the Listing Agreement is before the document is signed.

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.

DISCLAIMER: This site and any information contained herein are intended for informational purposes only and should not be construed as legal advice. See competent counsel for advice on any legal matter.

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