Buying Your Home:
Settlement Costs and Information
II. Buying and Financing a Home
A.
Role of the Real Estate Broker
Frequently,
the first person you consult about buying a home is a real estate agent
or broker. Although real estate brokers provide helpful advice on many
aspects of home buying, they may serve the interests of the seller,
and not your interests as the buyer. The most common practice is for
the seller to hire the broker to find someone who will be willing to buy
the home on terms and conditions that are acceptable to the seller. Therefore,
the real estate broker you are dealing with may also represent the seller.
However, you can hire your own real estate broker, known as a buyer’s
broker, to represent your interests. Also, in some states, agents and brokers
are allowed to represent both buyer and seller.
Even if
the real estate broker represents the seller, state real estate licensing
laws usually require that the broker treat you fairly. If you have any
questions concerning the behavior of an agent or broker, you should contact
your State’s Real Estate Commission or licensing department.
Sometimes,
the real estate broker will offer to help you obtain a mortgage loan. He
or she may also recommend that you deal with a particular lender, title
company, attorney or settlement/closing agent. You are not required to
follow the real estate broker’s recommendation. You should compare
the costs and services offered by other providers with those recommended
by the real estate broker.
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