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:
“There was not a tree as far as we could see, and that was many miles each way, the general level of the upland being about the same everywhere. Even from the Atlantic side we overlooked the Bay, and saw to Manomet Point in Plymouth, and better from that side because it was the highest.”
—Henry David Thoreau (1817–1862)
“What use Milton, a silly story
Of our lost general parents,
eaters of fruit?”
—Gary Snyder (b. 1930)
“There is absolutely no evidence—developmental or otherwise—to support separating twins in school as a general policy. . . . The best policy seems to be no policy at all, which means that each year, you and your children need to decide what will work best for you.”
—Pamela Patrick Novotny (20th century)