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Real estate agents are licensed professionals. The Virginia Real Estate Board, an agency of the Commonwealth of Virginia, governs their activities. A REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.
What’s the difference between the Buyer’s Agent and the Seller’s Agent?
Real estate agents can provide services to both the buyer and seller. Agents must disclose, in writing, which party they represent. You will be asked to sign this disclosure acknowledging you have received it. It is important that the buyer and seller in a Real Estate Transaction each have a professional advocating for them. They both have very specific interests in the transaction and they need to be represented professionally.
Buyer agents will expect you to sign an exclusive retainer agreement and you might be asked to pay a retainer fee (usually refunded when you settle). The agreement may be “exclusive.” That means you agree to work with that agent only. In most cases, the seller pays the buyer agent’s fee at settlement. However, if you have signed an exclusive buyer agency agreement and break it to buy a house from someone else, you would owe the buyer agent a fee.
Is the real estate commission negotiable?
The answer to this question is YES. There is no “set” fee and you may find agents who are willing to discount their fees. There are also limited-service companies that will work with you for a flat fee rather than a percentage commission.
What exactly does a Real Estate Agent do for me?
Agents can pre-qualify you to determine your appropriate price range and financing. Agents locate suitable properties, provide information on comparable sales, help select financing, and write the sales agreement. The agent will also act as a “go between” in the negotiations between buyer and the seller. After writing the contract, the agent arranges for other services to help you get through closing, (such as home inspection, termite inspection, etc.) and ultimately process the case to settlement.
Why do you need a closing professional?
Buying a home will probably be the largest and most significant purchase you will make in your life. It also involves the law of real property, which is unique and raises special issues and problems not present in other transactions. A real estate lawyer is trained to handle these problems and has the most experience to deal with them.
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