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:
“If men would avoid that general language and general manner in which they strive to hide all that is peculiar and would say only what was uppermost in their own minds after their own individual manner, every man would be interesting.”
—Ralph Waldo Emerson (1803–1882)
“As a general rule never take your whole fee in advance, nor any more than a small retainer. When fully paid beforehand, you are more than a common mortal if you can feel the same interest in the case, as if something was still in prospect for you, as well as for your client.”
—Abraham Lincoln (1809–1865)
“[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)