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Private real estate transactions can be tricky if agent hired

Home sellers in New York may naturally hire real estate agents to help them to sell their houses, but sometimes agents may end up not being necessary in the end. For instance, perhaps a seller is capable of nabbing a buyer via his or her own efforts -- for instance through social media or word of mouth. A few tips may help with navigating real estate transactions in such a situation.

First, reading one's listing agreement is critical. This agreement provides details about the responsibilities and rights of both the seller and broker, including when a real estate broker is supposed to receive a commission. If the home listing is what is called an exclusive agency listing or an open listing, the seller may actually sell the house without having to pay commission to the broker.

The situation becomes trickier if the agreement indicates an exclusive selling right. This means the agent alone has the right to sell the home. In other words, all offers have to go through this agent, and with any sale, the seller has the obligation to pay commission to the agent based on what has been delineated in the contract. The purpose of such an exclusive right is to prevent an agent from working on selling a property for months without ultimately receiving payment for the work done.

Both buying a home and selling a home can understandably be complicated. Unfortunately, seemingly minor mistakes during real estate transactions can end up being financially costly in addition to costing both time and energy. An attorney in New York may help with completing each stage of the home-buying and selling process so that one's goals are ultimately achieved.

Source: realtor.com, "Selling Your Home Privately if You Have an Agent: OK or No Way?", Margaret Heidenry, Aug. 31, 2017

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