Can real estate agents collude?

But there may be another reason why commissions in America are so much higher than elsewhere in the world: good old-fashioned collusion. …

Can you negotiate after a purchase agreement?

If the seller counteroffers (which is the usual practice), then you can slowly begin to narrow the difference between the two prices until, hopefully, you both reach that happy medium. Once you have signed a contract to buy, the negotiations should not cease.

Can a Realtor lie about other offers?

In conclusion, yes, real estate agents can lie about offers. However, it is more likely they are using vague “sales speak” or being upfront about a specific proposal. It is up to you to discover which, retain control over your purchasing and to act in your own best interests.

Are real estate agents really on your side?

Your real estate agent should be on your side and serve your best interests. (Not their own.) When you’re house-hunting, you want to find a real estate agent who is your biggest advocate, keeping your best interests (and your bank account) in mind. Unfortunately, some agents don’t operate this way.

What is a rip in real estate?

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Can a buyer back out after closing?

Federal law gives borrowers what is known as the “right of rescission.” This means that borrowers after signing the closing papers for a home equity loan or refinance have three days to back out of that deal.

Can a seller back out of an accepted offer?

Real estate contracts are legally binding, so sellers can’t back out just because they received a better offer. The main exception is when the contract includes a contingency that allows the seller to terminate the sale.

Can buyer contact seller directly?

Can buyers contact a listing agent directly? Technically—yes. The only people who may frown upon contacting a listing agent are buyer’s agents, who make their commissions based on representing buyers. But there is no law or rule saying a buyer cannot contact a listing agent.

Is the lender a separate party to a real estate transaction?

It is fair to say that in most real estate transactions, the buyer’s interests and the lender’s interests are aligned – both want the transaction to close in compliance with the agreed-upon terms; e.g., clean marketable title, etc. and smoothly. With that being said, the lender is absolutely a separate party to a real estate transaction.

Who is the settlement agent for a Massachusetts real estate closing?

In Massachusetts, the practice of closing transactions for buyers and sellers when there is a home loan is considered the practice of law; therefore, the settlement agent for any real estate closing involving a lender must be conducted by a licensed attorney.

How is money distributed when selling a house in California?

A: In most western states money is distributed by the title/escrow company. Every one gets paid upon recordation within one day or so. George Szkup is a Realtor® in Tucson, AZ. A: In California, the lien holders are paid first, then escrow/title, an commissions, and seller.

What happens to the money when a house is sold?

A:Typically when a house is sold there is a third party company such as title, attorney or escrow company that facilitates payment of all parties. On the final date of closing, the buyer’s bank will wire the money to the seller’s bank.