Do You Know Who You Are Dealing With in a Real Estate Sale?
In a real estate sale, there are several players. The basics are the buyers and the sellers. These are the two parties who want to exchange property for money. The buyer is the person/party acquiring the property. The seller is usually the owner or his/her representative who is rightfully entitled to receive profits out of the sale.
Both parties are usually represented by a real estate agent. The agent is an authorised representative of a party to sell, buy, rent or manage a property. There are basically two types of agents. The agent could be the selling agent, also referred to as the seller’s agent or the listing agent, in that he or she represents the selling party. The agent could also be the buyer’s agent, representing the property buyer in negotiations. If the buying agent and the selling agent are two different people, they must split the commission of the sale.
The valuer is a third party that may be hired to find out the value of the property for mortgage documentation. This person should be a licensed professional who could carry out the property valuation under State, Territory or Commonwealth legislation. When engaging the service of a valuer, look for one who is a member of the Australian Property Institute as a Certified Practising Valuer. In the US, this is also called an Appraiser. His or her job is to find out the potential saleability of a residential property.
Depending on the circumstances behind the home sale, there may also be other parties involved. For instance, if the buyer will be taking out a home mortgage to pay for the property, you may encounter such terms as lenders and escrow firms. But in most cases, they are not directly involved in the sale of the property.
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