What is the difference in a real estate agent and a real estate broker?
Almost all states require real estate professionals to be liscensed by the
state. Brokers are generally required to have more experience and education
than a real estate salesperson or agent. A salesperson is liscensed by the state but
must work for a broker.
Do Realtors have a code of ethics?
Yes. Some agents are members of the National Association of Realtors and
they have a complete code of ethics that you can find on their website at www.realtor.org
What areas should a home inspector be looking at on a property I am interested in buying?
Drainage, Foundation, roof & water leaks, paint, plumbing, wiring, Heating, fireplace, tile, and termites.
What are closing costs?
Closing costs are the fees for services, taxes, or special charges that
surround the purchase of property. They include title insurance, surveys, escrow charges, document fees, prepaid interest fees, real estate commission, property taxes, attorney fees, & up front loan fees. Unless the charges are rolled into the loan, they must be paid when the property is closed.
Who pays the closing costs?
Closing costs are either paid by the Seller or the Buyer. It depends on
local custom, and what the Buyers and Sellers negotiate in the contract.
Who pays the real estate company commission fee?
The fees are the Sellers responsibility. When a property is placed on the
market, the Sellers usually sign a contract with a real estate broker which includes a 6% commission to cover the cost of advertising & marketing, showing the property,
and negotiating with the Buyer. If you are a buyer most brokers will not
charge you a fee to look at properties.