Residential Real Estate
Real Estate Glossary
When people think of
real estate, they usually automatically think of
residential real estate. Residential real estate
is real estate involving: houses, condos, townhouses,
etc. All are different parts of residential real
estate. Whether you are buying or selling residential
real estate, having a real estate agent help you
would be in your best interest.
Buying or Selling
Your Home? If so, contact
me today!
Simply put,
a real estate agent is like the missing link between
a buyer and a seller. They help the two find each
other. If you are a seller, a realty professional
will list your home and do everything in his or
her power to find a buyer for the home. When your
home is sold, that is when the realty professional
is paid, with a commission of the final selling
price, which never exceeds 6%. If you are a buyer,
a real estate agent won't charge you to find the
home you are looking for - because when you purchase
a home through the agent, that is how the agent
makes his or her commission.
Other Ways Real Estate
Agents Help With Residential Real Estate:
- Legal
Contracts
- Real Estate Forms
- Financing
- Lead
Paint Disclosure
- Structural Analysis
- Mold
Inspection
As time goes on, things are getting
more and more expensive. If you have been considering
purchasing a home, it is best to act now before
prices considerably go up. You do not want to keep
putting it off and then when you do finally decide
to buy, look back and realize the home you wanted
was much, much cheaper. Act now and contact one
of our residential real estate agents today.
Types
of Agent Relationships
Seller's Agent
If you engage
in the services of having a listing broker sell
your property, you become the broker's client.
That broker represents you, the seller, and owes
you undivided loyalty, confidentiality and accountability.
In negotiating for the best price and terms, the
agent must put your interests first.
Contact your
local realty to engage the services of a licensed
broker or real estate agent
Buyer's Agent
You may
engage the services of a broker to represent you
exclusively as a buyer of real property. In this
case, the broker represents you and is accountable
to you. He or she must obey your instructions and
keep confidential anything you tell her that may
affect your purchase of real property. In negotiating
for the best prices and terms, he or she must put
your interests first.
Disclosed Dual Agent
A broker
can work for both the buyer and the seller on the
same property provided the broker gets the consent
of both parties and provides each with a written
notice of the relationship. In this case, the broker
is considered a "disclosed dual agent." This
broker owes both the seller and buyer a duty to
deal with them fairly and honestly. In this type
of agency relationship, the broker does not represent
either the seller or the buyer exclusively, and
neither party can expect the broker's undivided
loyalty. Undisclosed dual agency by a broker is
illegal.
Facilitator
When a real estate agent works
as a facilitator, that agent assists the seller
and buyer in reaching an agreement but does not
represent either the seller or buyer in the transaction.
The facilitator and the broker with whom the facilitator
is affiliated owe the seller and buyer a duty to
present each property honestly and accurately by
disclosing known material defects about the property
and owe a duty to account for funds.
Unless otherwise
agreed, the facilitator has no duty to keep information
received from a seller or buyer confidential. The
role of facilitator applies only to the seller
and buyer in the particular property transaction
involving the seller and buyer. The seller and
buyer can expressly agree a facilitator relationship
can be changed to become an exclusive agency relationship
with either the seller or the buyer.
