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Real Estate 101

Family's new home

What you need to know if you are buying or selling a home.

Every real estate transaction is unique with its own set of circumstances. These are the common situations that occur on a regular basis. Your Home Central Agent can advise you as to what is best for your particular situation.

Who Pays for What?

  • Seller pays all real estate commissions. The buyer pays no commissions at all.
  • Seller pays for home warranty and other warranty items.
  • Seller pays most title work.
  • Buyer pays for any tests and inspections of the property. These are not required, but strongly recommended.
  • Buyer and seller negotiate repairs/payment for any items found to need repair during inspections.
  • Buyer pays for mortgage fees and points. Buyer can request seller to pay some of these fees.

Who Represents Who?

Listing Agent: (The name on the yard sign)
The listing agent must represent the "best interest" of the person selling the home. In some cases the seller may allow the listing agent to act as a "Dual Agent" which is a neutral position between the buyer and seller. The listing agent will never represent the buyer.

Buyer's Agent:
The buyer's agent must represent the "best interest" of the buyer. The buyer's agent can advise the buyer on the offering price and terms, financing options, inspections, inspection remedy negotiations, home warranty, easements and zoning, and the appropriate time frame for all phases of the purchase process.

 

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