ever will in a lifetime. They have the institutional knowledge of working daily in the industry and have the local and state laws. It’s important to have the legal support to mitigate any risks that could delay, if not jeopardize, your real estate purchase. Closing There are many moving parts to the closing process, including the mortgage, title insurance, the deed and final inspection. Hiring a lawyer to review, adjust and prepare all closing documents–and ensure they are protecting you and your assets–can be reassuring.
STEP 6: ENGAGE A BUYER'S REAL ES UYER'S REAL ESTATE AGENT
“Real estate agent” and “REALTOR®” aren’t the same. All REALTORS® are licensed agents, but only those who join the National Association of Realtors can use the title. A buyer’s agent represents your interests in a purchase. While many agents work with both buyers and sellers, having the listing agent represent both sides—known as dual agency—can pose conflicts and is illegal in some states. As of August 2024, a t 2024, an agreement went into effect regarding how commissions to buyer's are negotiated and paid. Buyers' real estate agents must now have a written agreement with their clients before showing homes, clearly stating compensation terms. This ensures transparency and avoids surprises during the process. However, no agreement is needed for general inquiries or open house conversations. Before August 17, 2024, sellers typically paid both the buyer’s and listing agents' commissions, usually splitting the total fee. Now, it’s important to confirm whether the seller will cover your agent’s fee or if you, as the buyer, will be responsible.
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