1. What is the difference between a buyer’s agent and a seller’s agent?
Buyer’s Agent: The real estate agent who acts as a representative for the buyer’s interest. He or she searches for the properties, negotiates offers, and guides the buyer through the purchase process.
Seller’s Agent: A real estate agent who represents the seller’s interest. They are responsible for helping price the property, marketing the property, and negotiating offers from other buyers.
2. What is earnest money, and why is it important?
Earnest money is the amount of deposit given by the buyer to indicate that he intends to buy. This amount is usually kept in an escrow account until closing. If the sale is completed, it can be used toward the down payment or closing costs for the buyer. If the deal falls through and the seller is at fault, the earnest money can be kept by the seller as a form of compensation.
Read Also:
- https://legalpulse360.com/10-common-questions-about-property-partition-laws/
- https://legalpulse360.com/20-frequently-asked-questions-about-lease-agreements/
- https://legalpulse360.com/8-questions-to-understand-property-taxation-laws/
3. What does closing a real estate transaction involve?
Closing is the final step of a real estate transaction where the ownership is transferred from the seller to the buyer. It is usually a paper work process with signing of different documents, closing costs, transfer of funds, and recording the deed with the county. After all this process is completed, the keys to the property are handed over to the buyer.
4. What are closing costs, and who pays them?
Closing costs are fees that one incurs to finalize a real estate transaction, including appraisal fees, title insurance, inspection fees, and attorney fees. Both the buyer and seller can have closing costs, but these are negotiable and can be variable based on the market and the terms of the agreement.
5. What is a home inspection, and should I get one?
A home inspection is an examination of a property by a professional to identify any potential issues or necessary repairs before the sale. It is highly recommended that buyers get one done so that there are no hidden problems that may require costly repairs in the future. Sellers can also opt for one before listing the property to address issues proactively.
6. What is title insurance, and why do I need it?
Title insurance protects the buyer (and lender) from future legal claims against the property resulting from issues with the title, such as ownership disputes or unpaid liens. Although it’s not required, it’s very advisable to the buyer so they won’t face any trouble later on in court.
