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:
“Surely one of the peculiar habits of circumstances is the way they follow, in their eternal recurrence, a single course. If an event happens once in a life, it may be depended upon to repeat later its general design.”
—Ellen Glasgow (1873–1945)
“A private should preserve a respectful attitude toward his superiors, and should seldom or never proceed so far as to offer suggestions to his general in the field. If the battle is not being conducted to suit him, it is better for him to resign. By the etiquette of war, it is permitted to none below the rank of newspaper correspondent to dictate to the general in the field.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“We have wasted our spirit in the regions of the abstract and general just as the monks let it wither in the world of prayer and contemplation.”
—Alexander Herzen (1812–1870)