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:
“The bond between a man and his profession is similar to that which ties him to his country; it is just as complex, often ambivalent, and in general it is understood completely only when it is broken: by exile or emigration in the case of one’s country, by retirement in the case of a trade or profession.”
—Primo Levi (1919–1987)
“I never saw any people who appeared to live so much without amusement as the Cincinnatians.... Were it not for the churches,... I think there might be a general bonfire of best bonnets, for I never could discover any other use for them.”
—Frances Trollope (1780–1863)
“The general Mistake among us in the Educating of our Children, is, That in our Daughters we take Care of their Persons and neglect their Minds; in our Sons, we are so intent upon adorning their Minds, that we wholly neglect their Bodies.”
—Richard Steele (1672–1729)