Real estate agencies are business organizations that assist people with real estate matters. They usually represent either the buyer or the seller when it comes to home sales transactions. The agency is a collective group of licensed agents and/or brokers who operate in a given geographical area.
For smaller real estate issues, such as a boundary dispute, the use of a real estate agent might not be necessary. However, for larger transactions involving large properties or lots of lands, it may be absolutely necessary to hire a real estate agent.
Real estate agencies help their clients with a number of tasks. Depending on what type of client they are assisting, their aims might be different. For sellers of properties, a real estate agency might:
- Assist with writing, editing, and reviewing real estate contracts
- Help with real estate listings
- Help when it comes to marketing and advertising the property
- Provide potential buyers or investors
- Research the property to ensure that the title is marketable
For buyers, tasks might include:
- Examining the client’s needs and budget to determine a suitable buying range
- Finding properties for sale within their client’s range
- Researching the history of a property to ensure that there are no encumbrances on the property (such as debt issues, easements, etc.)
- Assisting with mortgage and other loan issues
- Assisting with an appraiser to help determine the house’s value
- Representing the client during negotiations
- Securing and finalizing the sales contract
Thus, real estate agencies can provide a wide range of tasks and services. Laws vary greatly by state regarding the scope of an agent’s duties and responsibilities.
If an agency relationship has been formed between an agent and their client, there are various standards that need to be followed. For instance, the agent has a duty to maintain privacy, professionalism, and ethical guidelines. A violation could lead to a separate legal proceeding against the agent or their agency. This is often the cause when it comes to various forms of real estate fraud in which the agent is a part of the violation.
Real estate agencies can be very helpful during a real estate transaction. In some cases, their services may be indispensible for completing all the requirements. You may also need to hire a real estate lawyer if you need assistance with any real estate issues. Your attorney can provide you with legal advice regarding the property and can also provide addition guidance during the process.