General
This section does not cite any references or sources. |
The sellers and buyers themselves are the principals in the sale, and real estate brokers (and the broker's agents) are their agents as defined in the law. However, although a real estate agent commonly fills out the real estate contract form, agents are typically not given power of attorney to sign the real estate contract or the deed; the principals sign these documents. The respective real estate agents may include their brokerages on the contract as the agents for each principal.
The use of a real estate broker is not a requirement for the sale or conveyance of real estate or for obtaining a mortgage loan from a lender. However, once a broker is used, the settlement attorney (or party handling closing) will ensure that all parties involved be paid. Lenders typically have other requirements, though, for a loan.
Read more about this topic: Real Estate Broker
Famous quotes containing the word general:
“What use Milton, a silly story
Of our lost general parents,
eaters of fruit?”
—Gary Snyder (b. 1930)
“A general loathing of a gang or sect usually has some sound basis in instinct.”
—Ezra Pound (18851972)
“In general I do not draw well with literary mennot that I dislike them but I never know what to say to them after I have praised their last publication.”
—George Gordon Noel Byron (17881824)