Protect your deposit to buy Real Estate

Posted on Aug 16, 2022 in RE Finance

home
by George L Smyth

Alphabet Soup? No, tadalafil and these are the names Realtor

What do the letters behind the name of a real estate agent represent? Real Estate Agents, physician such as doctors, lawyers and other professionals can ear designations, certifications and other credentials. They usually appear to place a series of initials after the name of the agent. The most common designations and certifications include:.? Broker, REALTOR, e-Pro, CHMS, GRI, ABR, and CRS
What does an agent have to do to obtain the designation or certification
e-Pro requires an agent to a class of basic computer skills. It has no real estate content, but ensures your agent can use email and the web. It really must be a minimum obstacle for technological aptitude of your agent. REALTOR
is one of the easiest to get the credentials (but one of the most difficult to live up to). A REALTOR is a real estate agent that belongs to the National Association of Realtors and agrees to comply with the Code of Ethics realtor. You can read about that in here http://www.realtor.org/mempolweb.nsf/pages/Code?OpenDocument
Broker is a little harder to get than real estate. In Texas, for example, a broker license must be able to operate his own real estate company. An agent must be licensed for 2 years and complete over 600 hours of real estate education before applying for a broker’s license. The broker license is granted following an examination administered by the State. Brokers are basically real estate agents with advanced education. GRI
is real estate agent Graduate Institute. Less than 50% of the agents of this designation. The GRI requires 12 days of training with passing grades on three exams. No production requirements or time for an agent can literally earn this designation by sitting in class for 12 days and pass the tests. This designation is not at all a measure of real estate sales experience.
ABR stands for Accredited Buyer Representative. Less than 30% of the agents of this designation. This designation combines 2 days of classroom work and an examination with the requirement that the evidence shows agent at least five buyer sales. This designation indicates that the agent has had both formal classroom time and field experience. CRS
Certified Residential Specialist. Less than 4% of all agents have this designation. This is more difficult to achieve designation and is a measure of a high degree of formal education and experience in the actual transaction. To obtain a CRS, the agent must attend three two days of classes, pass three exams and a test of 25 deals closed in the last 24 months. While the transaction experience is a huge amount, it does eliminate the inexperienced agents and classes of agents to eliminate those who are not dedicated to continuing education.
Other appointments are out there, but for the most part are issued by groups insignificant and have no real impact on the agent and capabilities are used more for marketing than anything else.


Coldwell Banker Austin , Texas.

Joe is licensed Broker, ABR designation, the CRS designation, the CMMS designation, Cendant Mobility Marketing Specialist designation and the Cendant Mobility Specialist designation reference.

To learn more about Austin real estate and Buy Lakeway Real .


article Real Estate here …

protect your security deposit when buying Real Estate

begin the process of buying a home or other real estate, side effects you’ll no doubt hear the term “cash deposit” (EMD). So what exactly is an EMD?

An EMD becomes relevant when you are ready to make an offer on a property. In most states, salve your real estate agent prepares the offer on your behalf. The offer usually takes the form of a written contract that is sent through the seller’s agent.

In addition to the offer document, sellers typically expect an EMD. An EMD is a monetary deposit by check presented to show the seller that you are a serious buyer. In some regions, only a photocopy of the check is submitted with the bid, and the original check is delivered to the appropriate entity if the offer is accepted. Ask your real estate agent to clarify how deposits are handled in your region of the country.

The verification is usually done by an independent third party, such as a title company, the escrow company, real estate attorney or Realtor. Ask your real estate agent to clarify who will perform the EMD.
/> The amount of EMD sellers expect varies by region. The EMD amount is based on the customs and practices for a region, but is generally 1% to 2% of purchase price. In a competitive market where demand exceeds the supply of homes, some buyers may offer a higher EMD than expected to impress the seller of your intent. To determine the amount of your EMD, consult your real estate agent and balance the need to demonstrate their serious intent, in violation of good business practice to minimize the amount of the deposit.

The amount of EMD is usually applied to reduce the purchase price of the property or to cover closing costs, as you dictate. For example, if you are buying a property from 0000 and give an EMD of 00, then the remaining balance owned at closing is 7,000 (plus closing costs). Alternatively, you may indicate that the EMD be applied to closing costs.

Once a valid contract for the purchase creates an independent third party usually has the EMD until the purchase is completed or canceled. At this point, the money belongs jointly to both the seller and buyer.

If you make an offer is accepted, but then decides to cancel the offer, the terms specified in the contract (or state law) will determine whether and under what circumstances, the EMD returned to you. Note that you may lose your deposit if you fail to comply with the terms of his contract. Your real estate agent can provide information about how they are treated with EMD if the contract is canceled.

Since state law varies by region and practices can vary even within the same state, be sure to ask your realtor about the rules that apply to EMD in the region country. It should also be aware that the EMD is not related to any payment you make to your mortgage.