Is a Real Estate agent necessary

[TexasBred]

Those decimal points always get me, yes I did mean 6 per cent which would be $3000 per every $50000 .
I always figured: .60 per cent of the whole of 50,000 equals 30,000
.06 per cent of the whole of 50,000 equals 3,000
.006 per cent of the whole of 50,000 equals. 300
.0006 per cent of the whole. of 50,000 equals. 30
I did learn to do it like this in the 1950's , I do understand it is a new way to do math and there is no wrong answer. I wonder what my old math teachers would think of the way school is taught now. :dunce:

You're changing the meaning of the whole thing when you put .06 and then add percent to it. That makes it .06% which is .0006.

 

[TexasBred]

why do you even need a lawyer? a simple contract and a title agency is all you need. just have a title search done.

A title search is worthless. It becomes valuable when the results of that search are put into a title policy and signed by a lawyer thus guaranteeing title up to the amount the TP is written for. Most of us simply are not qualified to do title searches nor prepare legal documents such as warranty deeds and deeds of trust etc. I know it's hard to believe but there are times when attorney's are worth their money. :shock:

 

[melking]

In most instances you can lead a horse to water but Mr. Dun is correct. You can't make them drink.

 

[ddd75]

why do you even need a lawyer? a simple contract and a title agency is all you need. just have a title search done.

A title search is worthless. It becomes valuable when the results of that search are put into a title policy and signed by a lawyer thus guaranteeing title up to the amount the TP is written for. Most of us simply are not qualified to do title searches nor prepare legal documents such as warranty deeds and deeds of trust etc. I know it's hard to believe but there are times when attorney's are worth their money. :shock:

those forms are used so much that you can walk into OFFICE DEPOT and buy them pre-done. A title agency's job is the title search which they will insure for the entire amount. You do not need a lawyer for any of this. Its just wasting money.

 

[cowboy43]

Very few people pay cash for property, I would think The loaning agent would want a title search to secure the property .

 

[cowboy43]

Texasbred
How would you multiply 50,000 times 6 per cent, I would do as follows:
$50000
X.06
-----------------------
$300000 Then you count off the two decimals of .06 which gives the answer of
$3000.00. Commission the realtor charges

This is the way math was taught in my school days and it has always worked.

 

[hurleyjd]

Some realtors will help you sell the property and are worth the 6 percent which is not mandated and could be negotiated to a lower percent. And then there are some agents that stick there sign out front and hope. They will not know much or anything about the property and want the property owner to show the property.

 

[TexasBred]

why do you even need a lawyer? a simple contract and a title agency is all you need. just have a title search done.

A title search is worthless. It becomes valuable when the results of that search are put into a title policy and signed by a lawyer thus guaranteeing title up to the amount the TP is written for. Most of us simply are not qualified to do title searches nor prepare legal documents such as warranty deeds and deeds of trust etc. I know it's hard to believe but there are times when attorney's are worth their money. :shock:

those forms are used so much that you can walk into OFFICE DEPOT and buy them pre-done. A title agency's job is the title search which they will insure for the entire amount. You do not need a lawyer for any of this. Its just wasting money.

I fully understand what a title policy is and what it insures. I'm simply asking who signs the original commitment issued by the title company and then also certifies that the work done by the abstractors in the title company is accurate and that any and all clouds on the title have been cleared?? I do believe I would want a lawyer to read, examine and declare that it was all correct rather than a $15 an hour abstractor and I would think the title company would want that as well. They are insuring title up to the cost of the property.

 

[Bestoutwest]

It would be up to the seller to pay for an agent. It doesn't matter if you bring them to the table or not. When we bought our place we looked at a couple 'For Sale by Owner' places. Our agent told us that if we were interested he would approach them and usually charged 1%. It might worth talking to someone about. I'd sure hate to get screwed out of something like mineral rights or water rights..

Good luck!

 

[dun]

I fully understand what a title policy is and what it insures. I'm simply asking who signs the original commitment issued by the title company and then also certifies that the work done by the abstractors in the title company is accurate and that any and all clouds on the title have been cleared?? I do believe I would want a lawyer to read, examine and declare that it was all correct rather than a $15 an hour abstractor and I would think the title company would want that as well. They are insuring title up to the cost of the property.

That's what the title company does. We bouhgt one place that had a deeded easment for an indian spirit to be able to cross the land. That had been on the deed since the 1800s and it was on the deed when we bought the place and also when we sold it. Good title companys don;t have halfwits doing title searches. If they did they wouldn;t be in business long.

 

[chippie]

I would also check and see how much the taxes are on the land and that the taxes are current (paid).

 

[greybeard]

Title company here lets you know about current taxes, either for partial year or full year. (Jan1-to date of sale)
Also check on rollbacks of any property tax exemptions--sometimes the new owner can get saddled with those rollbacks.