Buying and Selling a Property:

Buying and selling of a property is a routine process of real estate. People buy property for a particular purpose. The purpose may be for residential, commercial, industrial or for any agriculture purpose. When you buy a property you acquire wealth, whether you use it for your own purpose or let the property for lease for a different purpose. You have to be very careful in buying a property and you have to see the zoning rules and regulations of the property.

People sell the property if they shift from one place to another, or if the legal heirs of the deceased decide to divide the share, or for getting the cash which is to be used for different purpose. So a buyer and the seller have to approach a real estate broker to buy or sell the property.

Consult a Real estate attorney to solve any disputes as to the buying and selling of the real estate is concerned.

Real Estate Broker or Agent:

A real estate broker or agent is a person who finds a buyer for a seller if a person wants to sell his property, and a seller for a buyer who wants to buy a property. Once the real estate broker finishes his job he gets a commission from the seller for the sale of his property.

• You have to make an agreement with the real estate agent or broker.
• If the buyer or the seller defaults to pay the broker commission as per the agreement the real estate broker can enforce his commission as per the procedures of law.

Real Estate Agreement with a Broker:

The agreement must contain the following terms and conditions:

• Name and address of the seller and real estate broker.
• The purpose for making an agreement.
• Description of property to be sold.
• It must state the period i.e., the time to be taken by the broker to complete the sale.
• It must state the amount of commission to be paid at the time of sale.
• It must also contain the statement that you can cancel the agreement and the commission in case the broker does not sell within the stipulated period.

Since the agreement involves in giving commission to the third party, you have to take proper care while making an agreement with the real estate broker. Consult an attorney before you make a listing agreement and he will guide how you enter into such an agreement as to the amount of commission and other matters related to the agreement.

Seller & Buyer Agreement