Know the contract before you sign the contract

Buying or selling a home is probably one of the largest transactions most people will make in their lifetime. That said, how many people really know what a buyers representation agreement looks like? Or what an exclusive listing agreement entails? If you are buying or selling a home, have you looked at a standard Purchase Agreement lately? In most cases, probably not. What are the responsibilities of a buyers agent vs. a listing agent? There are a number of documents associated with each side of a real estate transaction and having some basic knowledge will go a long way towards keeping you on top of your game during the entire process.

More often than not, you have been busy getting your finances in order, prepping your home for sale, and/or getting advice from friends and family about agents in your area. It may seem like completing that pesky paperwork is just the formality to get the ball rolling on the buying or selling of your home. In reality, it is the only thing that stands between you and major heartache should a tranaction go wrong.

In the state of Minnesota, whenever there is "substantial" conversations between an agent and potential buyer or seller, that agent should be presenting and having you sign a document eplaining "agency" in real estate transactions. This is not any sort of contract it is only a disclosure form. However, when this document is presented to you, it would be a good time to ask the agent for a copy of all the documents associated with either the buying or selling of real estate. Whichever applies to you. Bring the blank form home to review them.

Once you have made your selection of a potential agent, set up a meeting with that agent and run through the documents together. Make sure all of your questions get answered. Only after you feel that you are a thoroughly informed participant in the transaction should you put pen to paper. You will never regret becoming a "student" of real estate transactions.

#signingacontract #financingyourhome #ertrert