General
| This section may contain original research. Please improve it by verifying the claims made and adding inline citations. Statements consisting only of original research may be removed. |
| This section does not cite any references or sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. |
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 Brokers
Famous quotes containing the word general:
“At that,
his small size,
keen eyes,
serviceable beak
and general truculence
assure his survival—”
—William Carlos Williams (1883–1963)
“Treating ‘water’ as a name of a single scattered object is not intended to enable us to dispense with general terms and plurality of reference. Scatter is in fact an inconsequential detail.”
—Willard Van Orman Quine (b. 1908)
“A point has been reached where the peoples of the Americas must take cognizance of growing ill-will, of marked trends toward aggression, of increasing armaments, of shortening tempers—a situation which has in it many of the elements that lead to the tragedy of general war.... Peace is threatened by those who seek selfish power.”
—Franklin D. Roosevelt (1882–1945)