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:
“As a general rule never take your whole fee in advance, nor any more than a small retainer. When fully paid beforehand, you are more than a common mortal if you can feel the same interest in the case, as if something was still in prospect for you, as well as for your client.”
—Abraham Lincoln (1809–1865)
“In the drawing room [of the Queen’s palace] hung a Venus and Cupid by Michaelangelo, in which, instead of a bit of drapery, the painter has placed Cupid’s foot between Venus’s thighs. Queen Caroline asked General Guise, an old connoisseur, if it was not a very fine piece? He replied “Madam, the painter was a fool, for he has placed the foot where the hand should be.””
—Horace Walpole (1717–1797)
“You don’t want a general houseworker, do you? Or a traveling companion, quiet, refined, speaks fluent French entirely in the present tense? Or an assistant billiard-maker? Or a private librarian? Or a lady car-washer? Because if you do, I should appreciate your giving me a trial at the job. Any minute now, I am going to become one of the Great Unemployed. I am about to leave literature flat on its face. I don’t want to review books any more. It cuts in too much on my reading.”
—Dorothy Parker (1893–1967)