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:
“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)
“Though of erect nature, man is far above the plants. For man’s superior part, his head, is turned toward the superior part of the world, and his inferior part is turned toward the inferior world; and therefore he is perfectly disposed as to the general situation of his body. Plants have the superior part turned towards the lower world, since their roots correspond to the mouth, and their inferior parts towards the upper world.”
—Thomas Aquinas (c. 1225–1274)
“The General Order is always to manoeuver in a body and on the attack; to maintain strict but not pettifogging discipline; to keep the troops constantly at the ready; to employ the utmost vigilance on sentry go; to use the bayonet on every possible occasion; and to follow up the enemy remorselessly until he is utterly destroyed.”
—Lazare Carnot (1753–1823)