Real Estate Law

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Realtor Questions

Who is a realtor?

A realtor is a person that acts as a middle person between sellers and buyers of real estate property. A realtor tries to find those who want to sell and those who want to buy.

If I have an agreement with a realtor to sell my property but I end up selling to somebody I know that had no contract with the broker, am I required to pay a fee to the realtor? 

You signed a listing with the realtor which will require you to pay the commission to the realtor unless you specifically excluded this person from the agreement specifically. Given that there was no co-broker to be paid, it is likely that the realtor would agree that the co-fee is not payable, but you would still owe the primary commission from your listing agreement.

Can a realtor post a for sale sign on a home before it is listed? There is no listing agreement and the home is not listed on MLS, realtor website or anywhere else online.

An owner of a property does not have to list the property anywhere to legally put up a for sale sign in front of their house. As long as the sign does not interfere with your rights as a tenant to have quiet enjoyment of the property then there is nothing illegal about the for sale sign. If you have a written lease agreement, the landlord can sell the house subject to the lease agreement.

Can an individual be the realtor, mortgage loan originator and homeowner’s insurance agent for a single real estate transaction?

Realtor responsibilities would include providing an agreement between the realtor and the seller or buyer. Therein the mortgage loan originator and homeowner’s insurance agent would also have to have an agreement with that individual. So If as all three of those separate agreements are presented and signed then there is no reason why you could not provide all of the services. There are no laws denying the bundling of services.

If you are a realtor and listed a property, can you bid on the property you listed? What is the realtor laws concerning this?

You can bid on it only with a full disclosure and consent from the seller. Without the full disclosure and consent it would be a conflict of interest and the seller could have legal grounds for breach of fiduciary duty.

If you have a verbal agreement through a realtor to sell your house but have not signed anything, can you change your mind?

A verbal agreement with a realtor to act as your listing agent is not valid until both you and the realtor have a signed agreement. Additionally a verbal agreement with your realtor regarding an offer on your home is also not valid until the agreement is in writing and accepted by you in writing with your signature.

Having the right information and understanding of realtor law can help when dealing with questions regarding your realty concerns. Experts can help answer questions about realtor law or realtor problems. Get the answers fast and affordably by asking an Expert online.

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