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INTRODUCTION:
There are several other ways to define San Diego
Homes, they are Different, Special and Unique. Did you got your dream
destination in this beautiful county of San Diego ?
Ok then let’s go through this process.
Attorneys are not a necessity here in San Diego
County for the purpose of carrying on real estate sales. Instead of that we use
another process which is known as Escrow that will help you in avoiding legal
hazards and will also save your time as because of the escrow process there is
very rare possibility that the buyers and sellers meeting each other, thus
there is no closing meeting. So, you want to know what an Escrow is, it is
nothing but a process where money is held in trust (in ‘escrow’) by a trusted
third party until certain agreed conditions are met.
The most important factor that you should keep in
mind, especially during this active San Diego real estate market, is to get
your loan in place before you go shopping for a home
for sale in San Diego County .
Real Estate Agents:
Before you go on making an offer for purchasing on a
San Diego property, it is advisable to understand the hierarchy of Real Estate
Agents as you will encounter while buying your share of San Diego Real Estate.
Licensing is a must in San Diego , no matter what the
case may be, buying, selling or even lease. Two types of licenses are provided
by the California Department of Real Estate (CDRE), they are Brokers and Sales
people. These people can also be referred as the Realtors. Since only Brokers
can receive compensation, every Realtor is accountable to the broker. Higher up
the broker is a Broker of Record who is an acting supervisor to sales agents
and administrator of real estate transactions. Again a broker can also work
under another Broker. Thus he/she becomes an Associate Broker who works as a
Realtor, and not as a Broker of Record.
Agency:
Agency is one of the most important aspects of
California Real Estate. A relationship where an agent is authorized to act on
behalf of another person (principal) is known as ‘Agency’. The term ‘fiduciary
responsibility’ is the responsibility taken up by the agent. Absolute detailing
is essential over here and unless you have signed a contract clearly explaining
your agency relationship, the agent you are working with may not owe his
primary fiduciary responsibility to you. The principal who is generally the
seller should be in a fiduciary relationship with the Agent who owes the duties
of Loyalty, Accountability, Obedience, Disclosure, Confidentiality, Reasonable
Care & Diligence, and Accounting. You, as a principal, delegate the right
to act on your behalf in business transactions, exercising some discretion
while doing so.
Other terms you may come across are the sub-agency,
dual-agency and buyer's agency. Sub-Agency is when your agent recruits another
agent as a sub-ordinate (don’t get confused with an Associate Agent).
Dual-Agency is when the same agent acts as a representative for both the
parties – buyer and seller. Buyer’s Agency is obviously an agent specifically
for a principal acting as a buyer.
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