Selling or Purchasing a House with a Real Estate Agent

Selling or Purchasing a House with a Real Estate Agent

Selling a house with a real estate agent can be an effective way to market your property. A real estate agent’s job is to market your property, screen potential buyers and arrange to show potential buyers the property. Additionally, the real estate agent’s broker will have to pay all the costs of advertising and marketing. The commission charged by a real estate agent’s broker is generally a percentage of the selling price of the property.

Using a real estate agent as a “buyer’s agent” to look for and purchase a house can help you with understanding the market and home values. Normally, as a purchaser, you will not pay a commission. You may have to sign a buyer’s agency contract to use the exclusive services of a particular agent or broker when purchasing a house.

It is important to understand that a real estate agent is not an attorney and cannot give you legal advice. Many times, legal advice is necessary for a seller regarding the initial listing contract as well as the sale contract, title insurance policy and closing documents. Legal advice may also be necessary when considering contract amendments and contingency releases.

Ager Law Office is committed to providing excellent services to both buyers and sellers. For a reasonable flat fee, you can have Bill Ager, with over 30 years of experience, at your side from start to finish.

Contact Bill Ager at (734) 649-0784 or bill@agerlawoffice.com for more details on reasonable flat fees for these services. 

FREQUENTLY ASKED QUESTIONS 

When my house is listed with a real estate broker, will I still have to pay a commission if I find a buyer myself?

This depends on the listing contract. Almost all listing contract are exclusive listing contracts, which means that a commission must  be paid no matter where the buyer comes from. Sometimes a seller can negotiate with a real estate agent to have certain persons excluded from the listing contract’s coverage; however, these are usually persons who have seen the property before the signing of the listing contract and are still considering a purchase. 

If I use a real estate agent to sell my house, should I still have an attorney to review all my documents?

Generally, it is recommended that an attorney review all documents relating to a real estate transaction, including the sales contract, title insurance commitment and closing documents.

Most sales contracts used by real estate agents specifically state that the sales contract is contingent upon the purchaser’s attorney and seller’s attorney approving the contract language and title insurance commitment.  Many sales contracts also state that Realtors are not attorneys and that if legal advice is needed, an attorney should be consulted.

About Bill

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Born and raised in Ann Arbor, Michigan, Bill Ager graduated from the University of Michigan and then served in the U.S. Army. He graduated from the Defense Language Institute and worked at the Army’s Freedom of Information Center in Washington…

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