"Closing" New Home Purchase
In the typical home purchase, the seller enters into a brokerage contract with a real estate agent, usually in writing. When the broker finds a potential buyer, negotiations are conducted through the broker, who most often acts as an intermediary. Once an informal agreement is reached, buyer and seller enter into a formal written contract for the sale, the purchase agreement. The buyer then obtains a commitment for financing. Title is searched to satisfy the lender and the buyer. Finally, the property is transferred from the seller to the buyer, and the seller receives the purchase price bargained for in the contract.
Unfortunately, sometimes a seller may sign a brokerage agreement that does not deal with a number of legal problems. A lawyer can explain the various paragraphs in the contracts, negotiate the realtor's rights if the seller withdraws the property from the market, or can't deliver good marketable title. The seller should have the advice and guidance of an attorney with respect to a brokerage agreement. Even if the agreement is a standard form, its terms should be explained to the seller and revised, if necessary.