The Agent Contract

Whether you're in the market to buy or sell real estate the soundest investment you can make is hiring a real estate agent. Most home buyers and sellers don't know the first thing about buying or selling a new home in Georgetown or Brantford and that's where the importance of a real estate agent comes into play.

Any experienced real estate agent that's been around the game for a while knows exactly what it takes for a home to sell or what any prospective buyer should be looking for in a property. Something else that most home buyers and sellers don't know is that to be in a working relationship with a real estate agent they'll more than likely have to sign a contract stating the terms of the relationship. When it comes to that we're here to help you understand the agent contract, which will define the relationship between yourself and any Toronto or London real estate agent. In fact, when you are doing training to become an agent yourself, one of the important subjects they discuss and teach you is the significance of the contract between you and your client.

The duties of a buyer's agent and listing or selling agent differ so let us break them down into their respective groups for you. A buyer's agent duties include introducing buyer's to lenders and helping them obtain loan pre-approval letters, emailing buyers listings that they believe the buyers would be interested in, calling listing agents to see if certain properties are still available, making appointments with sellers for home showings and taking the buyer to neighborhood tours to look at certain properties.

Those are the main responsibilities a buyer's agent has and they should all be clearly stated in the agent contract you sign with them, as well as how long the contract will be good for and an out clause in case either party wants out of the working relationship. When it comes to a seller's agent their duties will include information about the property between being sold, the length of the contract, which can range anywhere from 30 days to a year or more, how much the agent's commission will be, which is usually a percentage of the final sale price, a cancellation clause, and expiration date.

As you can see both buying and listing real estate agents have a lot of work to do. Knowing what your real estate agent is supposed to be doing will help you to see if they're doing their job well enough or you should go somewhere else. You can click here to read more on real estate contracts and specialty clauses you should know about.

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Monday, July 24, 2017