Talk to a Real Estate Lawyer today!
Selecting a real estate attorney for your legal case is a very important decision. Please enter a zip code to find real estate lawyers that serves your area:
Selecting a real estate attorney for your legal case is a very important decision. Please enter a zip code to find real estate lawyers that serves your area:
Property easement is a right to use some part of a property for a specific purpose An express easement may be contained in the deed to the property or in another document. Some examples include: A utility company can run power lines on a property, Adjacent property owners may enter into an agreement to share a common driveway that extends over both properties.
Most home buyers use a real estate buyer agent or broker to help find a home, negotiate the contract and handle other details of buying a home. But before you hire an real estate buyer agent, learn all you can about the process so you know what to expect from the professional who will assist you. You need to be knowledgeable about your legal rights, your ideal home and neighborhood, your financing needs and options, and how to evaluate comparable prices.
Real estate buyer agents work on commission, not salary, and get paid only after your home search is over, the contract negotiated and the transaction complete. Under the typical arrangement, the seller pays the commission to the real estate agent, and the agent's services are free to the buyer. Most listing brokers get sellers to pay 5% to 8% of the sales price. For probate sales, commissions are set by the probate court. And for more expensive homes, say over $500,000, or in competitive markets, sellers can sometimes negotiate a lower commission rate.
Because most real estate transactions involve two brokers -- one that produces the buyer and one that helps the seller -- the commission is divided, usually 50-50, between the two brokerage offices. Then, within each office, the salesperson who handled the transaction gets a share, usually 50%.
The agent or broker you choose should be in the full-time business of selling real estate and should have, ideally, at least the following five traits: integrity, business sophistication, experience with the type of services you need, knowledge of the area where you want to live, and sensitivity to your tastes and needs.
Get two or three recommendations from friends, family, co-workers
and others you trust. The best referrals come from those who've
recently bought or sold a home.
Ask each agent who's been referred to you to recommend one
or two people (other than themselves) they consider top-notch
agents who can fulfill your needs. It's a question the agent
likely won't expect, but if he or she balks or refuses to answer,
there are plenty of agents who will. Not only can the question
provide you with others to interview, it also tests the agent's
honesty and integrity.
Don't work with an agent you meet at an open house, find in
the Yellow Pages or on the Internet without thoroughly checking
the agent's credentials, experience and practice.
All states regulate and license real estate agents and brokers.
Only agents who meet minimum levels of state-mandated education,
training and testing are licensed. Brokers, who generally oversee
agents, have more training, education and experience. Ask for
proof. The license offers you a layer of consumer protection
should something go wrong.
While you may have different options as to the type of legal relationship you have with an agent or broker, normally the seller pays the commission of the real estate salesperson who helps the buyer locate the seller's house. What this means is that a homebuyer's agent or broker has a built-in conflict of interest: Unless you've agreed to pay the agent separately, she won't get paid until you buy a home, and the more you pay for a house, the bigger the agent's cut.
Beware of dual agency -- that is, an agent, brokerage or company representing both the buyer and seller. Legal in many states, dual agency nevertheless comes with an inherent conflict of interest as the agent attempts to fairly represent two opposing clients and collect the full commission.
Consider working with a buyer's agent who represents you exclusively (not both you and the seller) and is more likely to work with your best interests at heart. He or she will split the total 5% to 8% commission with the listing agent.
If you don't want to pay the going commission, consider a discount broker who will charge you a reduced commission as small as 1%. Others offer you a "fee for services" rate. You select from a menu of services, such as preparing the written offer, and pay only for those you need. Discount services are available from franchise operations such as Help-U-Sell as well as from other independent real estate companies and individual brokers.
The advantage of hiring a broker by the service or hour is that you get expert help with no built-in conflict of interest. The disadvantage is that you may have trouble locating an outstanding broker who will enter into such an arrangement. Also, you pay for the hours you use whether or not you buy a house, and you must do a lot of legwork yourself, such as negotiating with the seller.
Once you've selected several real estate agents, let each know you want to interview him or her for 45 minutes to an hour. You can talk in person or on the telephone. Arranging the interview is a test of the agent's willingness to spend time with you and his or her punctuality. Ask the broker to sit in if you interview an agent. That will help you learn how not just the agent works, but his or her office as well.
During the interview, explain your needs, how you like to
work and what you expect. Ask the agent to speak in plain
English, not industry jargon and acronyms. Let the agent know
you are still learning about the homebuying process.
Here are some of the major issues to discuss:
As you ask questions and discuss your needs, consider how well the agent listens to your anxieties, fears and concerns. You want to feel that the agent cares more about your needs than collecting the commission or making a quota.
Once you've chosen a real estate buyer agent, don't double dip. Loyalty and time commitment is a two-way street. If your agent doesn't have your full attention, he or she may reciprocate. You'll also get a disconcerting array of advice and opinions, at a time when you need straight talk.
Real Estate Lawyers.com provides a nationwide listing of real estate lawyers, mortgage brokers and real estate agents to represent you in your real estate transaction needs. Simply type in your zip code to find the right real estate professional near you.