Forms & Fees Explained
Buyer & Seller Forms
Working with a Realtor
Working with a Realtor is a form which describes real estate services between the consumer (you) and the real estate brokerage. It outlines the different types of service relationships available, client & customer, which defines the type of relationship the consumer and the real estate brokerage will have moving forward. It is important that you as the consumer understand these different types of service relationships available explained in the Working with a Realtor form.
Buyer Representation Agreement
The Buyer Representation Agreement gives the real estate brokerage permission to act on the Buyer’s (your) behalf in the purchase of a property and must be signed prior to an offer being presented on behalf of the Buyer. This representation agreement outlines the services provided, the cost related to those services and the length of time you have agreed to work with that agent and brokerage. It is important that you carefully read through this document as it defines your relationship with your realtor and their brokerage and how they will represent you
Listing Agreement
The Listing Agreement is a contract between a Seller (you) and a real estate brokerage. It gives the real estate brokerage permission to act on the Seller’s behalf when offering their home for sale in the open market. This must be signed prior to offering the home for sale with a real estate brokerage. This contract outlines the specified time period for working with that real estate brokerage, the fee to be paid out to the real estate company and authorizes the real estate brokerage to cooperate with any other real estate companies in order to sell the home. Details on how commission will be divided to the listing and cooperating brokerage will also be outlined here. It is important that you review this document carefully as it defines your relationship with your realtor and their brokerage and how they will represent you.
Fees
Home Inspection Costs
Home inspection costs vary on what company you use to do your inspection as well as what type of inspection you’re having done. Home inspections can range anywhere from $400-$800 and typically take 3 hours to complete.
Lawyer Fees
Lawyer fees can vary depending on which lawyer you use and what types of law they practice. The total cost of lawyer fees also varies depending on whether you are buying or selling a home, having lawyer fees less expensive if selling. When selling a home, lawyer fees can be less since a seller only needs to pay the legal fees as no Title Search or Title Insurance is required. The cost of the legal fees is dependent on how much your lawyer charges.
