|
You and
Your Agent
Working with a Real Estate
Licensee
You can sell your home without the services
of a real estate licensee, but selling
a home is a complex process.
|
What
is the best possible Price?
Where
do you find a buyer?
What
facts must you disclose?
What
paperwork is required?
Will the contract be
legal and binding?
How is ownership transferred?
What about the existing
mortgage?
Who ensures you will
get your money?
|
To handle these problems
and many other situations that may
arise, you might wish to employ a
licensed real estate professional
to act as you agent.
What
is an agent?
In many types of business
dealings, including the business of
real estate transactions, an AGENT
represents someone else, called the
PRINCIPAL, in dealing with other people.
The agent becomes a "substitute"
for the principal; he or she acts,
speaks and listens for the principal.
This relationship between
a principal and an agent is called
an AGENCY relationship.
People often use the
services of an agent to accomplish
what they do not have the ability,
time or desire to do themselves.
What
is a real estate agent?
If you decide to employ someone
else to help you sell your home, that
person becomes your AGENT for the sale
of that specific property. You will probably
refer to him or her as your "real
estate agent"
.It is important to understand that in
British Columbia, the person you hire
as an AGENT to assist you to sell your
home must be licensed as either a real
estate salesperson or a real estate
agent. A real estate salesperson must
be employed by a real estate agent and
both be licensed.
In the discussion that follows, the term
"agent", in its general sense,
will be correctly used to refer to both
types of real estate licensees.
How do you choose an
agent?
There are many ways to find
a real estate licensee with a reputation
for excellence.
Word-of-mouth is a good source. Ask friends,
neighbours and fellow employees who have
recently bought or sold a house to recommend
their choice of an agent.
You might meet an agent you like at an
open house or through the internet that
sells homes in your neighbourhood
.Make appointments with agents to discuss
their range of services, background knowledge
and fees or commission rates.
After these interviews, choose the agent
who seems best able to render the services
and produce the results you are seeking.
What will an agent charge?
In general, agents work on a commission
basis and receive payment only after the
successful completion of a sale. As the
seller, you will be asked to agree to
pay this commission as a fee for the agent’s
services. The commission is usually stated
as a percentage of the total sale price
or as a fixed amount.
The commission rate is neither fixed
by law nor by any Real Estate Board; it
is negotiable between you and the agent
you engage to help you
|
