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:
“At Hayes’ General Store, west of the cemetery, hangs an old army rifle, used by a discouraged Civil War veteran to end his earthly troubles. The grocer took the rifle as payment ‘on account.’”
—Administration for the State of Con, U.S. public relief program (1935-1943)
“To have in general but little feeling, seems to be the only security against feeling too much on any particular occasion.”
—George Eliot [Mary Ann (or Marian)
“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)