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Help |
Who
pays the commission and how much is it?
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The commission is paid by the Seller and is negotiated with
the listing Broker based on the sale price of the home.
What's
the difference between a Listing and Buyer's Agent?
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The Listing Agent represents the Seller's best interest
and is responsible for creating the activity necessary to
obtain the best price, in the shortest period of time, with
the least inconvenience to the Seller. The Buyer's Agent
represents the Buyer's best interests and is responsible
for making the Buyer aware of all listed properties that
meet their criteria, getting their Buyer pre-approved for
financing, and educating them on property values.
Should I work with more than one
Buyer's Agent?
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No. In our area all real estate professionals are members
of the multiple listing association and have access to the
same properties for sale. Commit to one agent and expect
superior dedicated service.
Who pays the commission and how
much is it?
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The commission is paid by the Seller and is based on the
sale price of the listed home.
What is the MLS?
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The Multiple Listing Service is an association to which
property listings are submitted. Almost all real estate
companies belong and share their listings. The MLS is the
main database to obtain information and all members have
equal opportunity to sell the properties listed.
What is earnest money?
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Earnest money is a good faith deposit a Buyer makes when
they make an offer to purchase a home. The earnest money
is usually applied to the down payment and/or closing costs
of the Buyer. However, if the Buyer breaks the terms of
the contract by misrepresenting their financial status,
failing to provide earnest money when due, or by failing
to complete the transaction in accordance with contract,
the earnest money can be lost to the seller. The earnest
money is refunded to the Buyer if the seller does not accept
the Buyer's offer, the Seller cannot provide marketable
title, the Seller fails to complete the transaction in accordance
with the contract, or the Seller fails to complete any condition
which the Buyer has made an express contingency in the agreement.
Do I need to have the home I want
to buy inspected?
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Yes. Even if the home appears to be in perfect condition,
it is recommended that the Buyer hire an inspector to evaluate
the condition of the property. The inspector will thoroughly
examine the property and issue a detailed report. I provide
a list of suggested inspectors to my clients as well as
more detailed information about the inspection process.
What is an appraisal?
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An appraisal verifies the value of the property by looking
at other recent sales in the area. It is performed by a
licensed appraiser who is selected by the Buyer's bank or
lender. An appraisal is primarily done to assure the lender
that they are not loaning more money than the house is worth.
What is title?
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A title search is done before a home sale can be completed.
A title search ensures that the Buyer is getting all the
rights to the property (title) that he or she is paying
for. The title company insures there are no recorded liens
against the property that will affect the marketability
of the title.
What is escrow?
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Escrow is the independent, impartial party who prepares
and records closing documents according to the terms of
the Earnest Money Agreement. The escrow company obtains
all necessary documentation to clear title to the property
and collects all required funds from the appropriate parties.
What is closing?
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Closing is the point in time when the title is transferred
and recorded with the County. It is also when the Seller
is paid. It may or may not be the date the Buyer takes possession.
Closing and possession are often different. Also note that
closing is not the same as signing! |
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