How is a realtor paid?

Realtors are paid commissions which are generally a percentage of the property’s selling price. The commission is established in the listing agreement between the seller and the agent. The commission should be paid at closing. The seller’s agent and the buyer’s agent receive portions of the commission.

Why should you work with real estateagents?

  • They have access to Broker’s Listing Cooperating (BLC)
  • They handle administrative details of scheduling the showings of an open house

  • They save you time by providing comprehensive information about the neighborhoods, schools, etc.
  • They use BLC to compare the price of property and determine if it is fairly priced.

  • They offer you guidance through the property purchase/ sale maze.
  • They can help find a great mortgage company
  • They will explain the paperwork involved as well as the closing process.

What is the role of a real estate agent?

The real estate agent acts as an intermediary between the property buyer and the seller. He will help with property listing, liaise with other realtors to find the perfect property for a buyer, negotiate a better deal for the party he represents, and offer guidance to the buyer/seller, help with the paperwork and shield the buyer/seller from malpractices among other things.

What influences the price of a property?

Many factors influence the cost of real estate for sale in Nigeria. The main factors include:
  • Current conditions of the realestate market
  • Expertise of the realtor
  • Desirability factors such aslocation, property attributes and special amenities
  • Marketing plan
  • Hard facts like square footage,physical condition of the property and size
  • Seller’s level of motivation
  • Price and listings of comparable properties in the area
The selling price will not be affected by
  • The profit you want to make
  • Original price of the property
  • Amount of money spent on remodeling/ improvements

What are the costs involved?

The fees associated with the purchase of property vary depending on the type of property you are buying and what has been negotiated. Our realtors will give you an estimated closing statement which will show what has to be paid as part of the sale. Common costs include appraisal, home inspection, lender fees and escrow fees.

How will buyers be attracted to my property?

Our listing agents will help you develop an effective marketing plan to attract potential buyers. Common methods include yard signs, internet marketing, magazine ads, open house, newspaper advertising and more.

What is a ‘cooling off period’?

This is the period in which one of the parties, buyer or seller, is given some time, after signing and exchanging the contract, to decide if he really wants to move forward with the sale. The seller cannot sell the property to another buyer during the cooling period.

Does renting a house compare to buying a house?

No. The two don’t compare. The benefit of renting is being free of property maintenance responsibilities. As a renter, you lose the chance of building equity, taking advantage of the tax benefits and you can’t sufficiently protect yourself from rent increase. You are at the mercy of the landlord.

Buying a house means you own it. You build equity by making mortgage payments. The property becomes your investment. You will also qualify for tax breaks. Buying gives you the stability, security and freedom of owning your own property.

What do I get at closing?

  • Mortgage note
  • Keys to the new home
  • A binding sales contract
  • Settlement statement (itemizes the services rendered, and fees paid/ charged)
  • Deed of Trust or mortgage


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