Understanding All The Players Involved In A Real Estate Transaction

Buying a home is often times a once-in-a-lifetime experience since its a very big investment. Being an experience most rarely experience more than once, all that real estate jargon and attributes are quite foreign to the layman.

Aside from the property itself, a major part of any real estate transaction is the various parties involved, in terms of the buyer, seller and their agents (if any).

It is always recommended to enter into these types of transactions with the help of an agent who would be more knowledgeable of the market trends and have the experience in getting you the best possible deal. However, these agents don't work for free. So who fits the bill for the agents?

In this article, we'll help to clarify everyone's role in the transaction and understand how each person involved benefits.

Buyer's Agent

The buyer's agent acts as an adviser to the buyer throughout the entire home buying process. The buyer's agent will use their acquired knowledge and experience to best educate the buyer on current market conditions and find the best homes that matches the buyer's wants and needs.

The buyer's agent will be responsible for handling all negotiations on behalf of the buyer and ensures that the buyer's interests are thoroughly protected. As part of protecting the buyer's interest, the buyer's agent is also responsible for advising the buyer on how to handle any repairs necessary on the property.

At the close of the deal, the buyer's agent will share profits with the listing agent.

Listing Agent

The listing agent is responsible for helping homeowners to sell their home at the highest price possible. This agent is responsible to negotiate with the buyer/buyer's agent to come to an agreed price that both the buyer and seller can agree upon.

The listing agent would split the commission with the buyer's agent. If there is no buyer's agent, the listing agent receives total commission.

Buyer

The buyer pays no commission fee whether he is working with a buyer's agent or not. Any commissions the buyer's agent would make will come from a share of the commission set out in the listing agreement, by the seller, that would be split between the buyer's agent and listing agent.

So if you're a buyer and want to get expert help finding the home of your dreams, take advantage of buyer's agents that are available to you, free of cost, with a wealth of knowledge and experience in finding homes like the one you may be looking for.

Seller

The seller is the person paying the commission out of the selling price they had set for the property on sale. The percentage for the commission is negotiable and is set when the listing agreement is created.

The commission percentage always remains the same after it is set, whether there is only a listing agent involved or if there is both a listing and buyer's agent.

Get help from experienced Belize real estate agents when conducting real estate transactions in Belize. These real estate agents have access to an extensive listing to some of the most sought after properties in the country and are versed in conducting MLS transactions to get you the most suited property at the best price. If you want to list a property in Belize, real estate agents can take the hassle out of lengthy negotiations and get your property sold fast!