and your buyer’s agent. This commission would come out of the sale proceeds of the house. However, evolving regulations mean that buyers may now directly pay their agents, and the traditional practice of commission splits may evolve alongside other compensation structures. These changing regulations are just another reason that buyers can benefit from having an agent dedicated to their interests alone, with whom you can discuss payments and commission structures so that you understand how they will apply to your specific transaction.
BUYING STEP #8: Make an Offer
The first step to actually buying a specific home, once you’ve researched and compared and visited, is to make an offer. This means proposing a price to buy the property. In the real estate arena, you will find that there are many legal requirements to fulfill and that spoken promises mean nothing in a court. In this sense, you will find the assistance of experienced real estate agents really useful. There are standard kinds of forms you need to comply with, such as the Residential Purchase Agreement. Choosing to work absent the guidance of a real estate professional will leave you vulnerable to mistakes that can prove costly to correct, or even botch the deal entirely. Real estate laws vary from state to state. These laws can also change over time. You must be up-to-date on the latest home buying information available for both your time and place. Don’t assume that because you bought a house in California last year that you know the rules in Florida! The offer made must conform to local regulations. It must generally make a mention of the price, including the terms and conditions governing the purchase. For example, if the seller agrees to pay a given sum of money on your closing costs, make sure that this is included in the proposal with the specific sum in clear and certain terms.
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