The Real Estate Institute of Canada REIC was established in and is a not-for-profit membership organization offering continuing education courses and designation programs for Canadian real estate professionals across multiple sectors. For example, some states only allow for lawyers to create documentation to transfer real property. Doing all that research on your own would take countless hours. To work, salespersons must be associated with and act under the authority of a real estate broker. The lock-box contains the key to the door of the property, and the box can only be opened by licensed real estate agents.
Many agents don't want to deal with this, so they may request that you find an agent to represent you. The last thing you need is to get caught in a situation where you've found the home of your dreams, but don't have an agent and the listing agent is unwilling to work for both sides.
Sure, you can try and find an agent and make an offer, but what if while you're out agent-hunting, someone else makes an offer, and the seller accepts? There goes your dream home. We suggest interviewing a few agents until you find one that you like. Once you've found a buyer's agent, he or she will likely ask you to sign a contract called a Buyer Agency Agreement. Nine times out of ten, your signature on this contract means that you have committed to working exclusively with that agent.
See why it's so important to make sure you choose the right agent? However, agreements remain in effect for a period of time determined by the two of you.
That length of time can be anything you both agree upon, from a few months to one day! One important note about signing a Buyer Agency Agreement: Typically, you don't have to pay a fee to the agent. He or she gets his money from the seller, who pays your agent a portion of the commission fees at the closing of the deal. Sometimes, however, things work a little differently if you purchase a For Sale by Owner property.
In this case, you may have to pay the agent a fee. Your signature on that contract means that you agree to pay that fee, so be sure to read your contract and clarify this with your buyer's agent before you sign. Disclosing all material facts about the property, such as plumbing problems or any other possible problems and repairs the property may encounter Disclosing any personal facts that might lead to sellers being willing to negotiate a reduced price.
These facts might include foreclosure, an impending divorce, or other personal situations. This way, you can rest assured that your agent is trying to get the best deal for you rather than the fattest commission for him or herself. A final point to remember is this: They felt at liberty to do so, because they figured the agent worked for them. These codes dictate that the buyer's agent must disclose certain types of information to the seller, as well.
Luckily, many states have taken measures in the form of laws to protect buyers, and to educate them on the specifics of the buying process.
The majority of real estate agents are required by law to disclose whom they work for. The disclosure may occur at your first in-person meeting, over the course of a phone call, or via e-mail. However, this disclosure should always occur before the agent asks for any detailed information about your home desires.
One situation where this occurs is when a listing agent markets a home, and is approached directly by a buyer presenting an offer as opposed to having the buyer's agent representing the buyers present the offer.
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Normally, the sellers must pay their listing agent around 6 percent of the sale price as compensation for their hard work. Once emotions get involved in a deal, it usually falls apart. We hope that all made sense. Good luck and happy moving! Rent a Truck Boxes and Supplies. Get Free Moving Quotes!