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 Republican Party] consists of those who, believing in the doctrine that mankind are capable of governing themselves and hating hereditary power as an insult to the reason and an outrage to the rights of men, are naturally offended at every public measure that does not appeal to the understanding and to the general interest of the community.”
—James Madison (1751–1836)
“It was the words “descended into Hades”
That seemed too pagan to our liberal youth.
You know they suffered from a general onslaught.
And well, if they weren’t true why keep right on
Saying them like the heathen? We could drop them.”
—Robert Frost (1874–1963)
“It has been an unchallengeable American doctrine that cranberry sauce, a pink goo with overtones of sugared tomatoes, is a delectable necessity of the Thanksgiving board and that turkey is uneatable without it.... There are some things in every country that you must be born to endure; and another hundred years of general satisfaction with Americans and America could not reconcile this expatriate to cranberry sauce, peanut butter, and drum majorettes.”
—Alistair Cooke (b. 1908)