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:
“A general is just as good or just as bad as the troops under his command make him.”
—Douglas MacArthur (1880–1964)
“General jackdaw culture, very little more than a collection of charming miscomprehensions, untargeted enthusiasms, and a general habit of skimming.”
—William Bolitho (1890–1930)
“Everyone confesses in the abstract that exertion which brings out all the powers of body and mind is the best thing for us all; but practically most people do all they can to get rid of it, and as a general rule nobody does much more than circumstances drive them to do.”
—Harriet Beecher Stowe (1811–1896)