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Using Services Of A Real Estate Agent For Your New Home

Mar 11, 2008
Buying a house is a major decision of your life. It is not something that you can afford to take lightly. You must be well informed as to how to go about your search for a new home. Finding your dream home can be a stressful process. To understand what to look for, you first need to determine what you can afford, keeping in mind what you desire in terms of space and facilities in your new home. You must perfect the art of negotiating and know how to protect yourself as you move on towards acquiring new property.

When you plan to buy a new home, the best way to get a good deal and avoid hassles involved in buying property suitable to your liking and budget, is to use the services of a real estate agent. These agents are affiliated to and work via real estate brokers; without this they cannot conduct real estate transactions. They work on behalf of the broker who stands legally responsible for their professional conduct in the transactions. All listings available with the agent in fact belong to the broker.

Your agent needs to be licensed in the state where they operate. There is no federal/national license for real estate agents. For obtaining a license, an Indiana real estate agent has to successfully pass a licensing examination after having completed 54 hours of instructional training at an accredited school. That apart, for maintaining this license he is required to complete 16 credits of continuing education bi-annually.

Make sure that your agent is also a Realtor i.e. a member of the National Association of Realtors (NAR). Realtors are bound to maintain high professional standards and adhere to a strict code of ethics set by the NAR. The quality of services provided in return for what you pay depends on the capabilities of the real estate agent you choose.

When you engage the services of an agent to buy property, he is legally bound to work exclusively in your interest, which includes:

* Exercising due care and skill while performing his duties

* Keeping all his dealings with you (the client) honest, fair and above board

* Inform you of all facts affecting the desirability and value of any property under your consideration, as soon as such information is discovered/becomes known to him.

* In the exceptional case when he acts the role of a 'limited agent' i.e. represent the interests of both the seller and the buyer, it must be disclosed to and authorized in writing by both buyer and seller to allow the transaction to proceed as 'valid and acceptable'.

When you buy any property through an agent you pay quite a handsome amount to him as commission, which is built into the selling price of the house. The sale price includes the commission of the listing broker, which is usually 7 percent of the price. Your agent is paid out of this, the agent commission being split between the seller's and the buyer's agent. Using services of a real estate agent enables you to glide safely through the haze of offers, counter offers, inspections, amendments etc. with due safeguards to your interests. It can save you from making costly errors while buying your new home.
About the Author
Michael Taylor is the broker/owner of Rebate Real Estate and specializes in selling Indianapolis real estate. In addition to Indianapolis, Mike Taylor and Rebate Real Estate focus on the northern suburbs of Indianapolis including Carmel Indiana real estate and Fishers real estate.
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