Estate agents are persons who arrange for the sale, purchase, and management or renting of buildings and properties. Estate agents are typically involved in the marketing of properties, which are available for sale. The legal documentation falls within the purview of a third party referred to as a solicitor, or a licensed conveyor.
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Once a real estate agent is appointed to sell a certain piece of property, or even some cases they look after a property making sure the carpets are cleaned, windows are in good condition and general building look is on point, they immediately embark on a marketing campaign, driven towards attracting potential buyers to the property in question. These agents then assume the responsibility of taking prospective buyers for viewing of the property, and also provide additional information on the property.
The term estate agent also refers to a person who is responsible for the management of a particular group of privately owned property, or letting agent services for tenanted properties owned by a singular owner. Estate agents have a series of obligations. One of these is informing a client when an offer has been made for the purchase of their property. Additionally, the estate agents is obliged to explain the meanings, and the implications of the terms stipulated in the purchasing contract.
The real estate agent acts as a go-between between the buyers and the owner, and assist in the negotiation process to reach an amicable price of the property. The real estate agent also proceeds to act on behalf of the property owner, until the said property is legally transferred to the new owner of the property. For all these services, the estate agent is remunerated with a payment, often referred to as a commission, from the owner/seller.