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:
“No doubt, the short distance to which you can see in the woods, and the general twilight, would at length react on the inhabitants, and make them savages. The lakes also reveal the mountains, and give ample scope and range to our thought.”
—Henry David Thoreau (1817–1862)
“Then comes my fit again. I had else been perfect,
Whole as the marble, founded as the rock,
As broad and general as the casing air.
But now I am cabined, cribbed, confined, bound in
To saucy doubts and fears.”
—William Shakespeare (1564–1616)
“There has always been the same amount of light in the world. The new and missing stars, the comets and eclipses, do not affect the general illumination, for only our glasses appreciate them.”
—Henry David Thoreau (1817–1862)