Residential Real Estate Transactions New York

Learn what the realtor's role is in a residential real estate transaction.

Local Companies

Calamar Development
(716) 693-0006
3949 Forest Parkway
Wheatfield, NY
Cityview Properties, LLC
(716) 856-8400
726 Exchange St., Ste. 600
Buffalo, NY
Mary Collins Real Estate, Inc.
(845) 687-0911
Route 213 East
High Falls, NY
BA Construction Services LLC
518-786-6000
4 British American Blvd
Latham, NY
Cityfeet
212-924-6450
11 west 25th street
new york, NY
NY retail Leasing
(646) 722-0176
20 w 20th street
new york, NY
1031 Investment Services LLC
(914) 447-3785
12 Ackerman Court
Croton on Hudson, NY
Battery Park Reality
(212) 786-1789
21 South End Avenue
New York, NY
Feldman Weinstein
(212) 869-7000
420 Lexington Avenue
New York, NY
Clover Management
(716) 688-4503
348 Harris Hill Rd.
Williamsville, NY

Real Estate License Exams For Dummies

Adapted From: Real Estate License Exams For Dummies

Buying and selling houses is the primary business of real estate brokers and salespeople. Here's an overview of a typical house sale involving real estate agents.

A couple decides to sell their house and enlist the services of a real estate agent. You're one of several realtors the couple invites to their home to hear your listing presentation and explain what services you offer. In addition, you probably advise the couple on what price they'll be able to get for their house. After meeting with several agents, the couple chooses you, signing a listing agreement and agreeing to allow you to represent them as their agent in the transaction.

As the couple's real estate agent, you begin marketing the property. In communities that have a multiple listing service (MLS), you enter their house information into a computer so that all other agents in the community can see what you've listed for sale. In communities with no MLS, agents may spread the word around to other real estate agencies that they have a particular house for sale.

An agent across town who's been working to find a house for another couple sees your house on the MLS and gets in touch with you, asking for more details and making sure the house still is for sale. The cross-town agent then contacts his buyers, and they agree to take a look at the house. After seeing the house, they agree to make an offer.

The way a buyer's offer is presented varies in different communities. Sometimes the offer is made in person with the buyer's agent present. The offer usually is made in writing with a small check from the prospective buyer that's called a binder or earnest money.

Assuming that your seller either accepts the offer immediately or engages in negotiations that result in a deal, a contract of sale then is prepared. Exactly who prepares the contract varies by state and region. In many places, however, the seller's real estate agent prepares the contract, sometimes filling in the blanks of a preprinted contract form, but in other places, only attorneys prepare the contract. After the contract is signed, the conditions within the contract are triggered.

A typical real estate sales contract includes a provision for the buyer to obtain mortgage financing and may have provisions for the house to be inspected by a home inspector or engineer. The contract usually includes a provision that a marketable title must be conveyed. A marketable title means that a reasonable and proper search of the records has been conducted, showing that the title to the property has been documented from earlier owners to the current seller so that it can be conveyed (or transferred) without questions as to who the owner is. A records search that proves whether a title is marketable is called a title search. Title insurance also may be purchased (or even required) as part of the contract process to ensure that the title is legal.

When all of the contract provisions are satisfactorily completed and met, the buyer and seller may proceed to closing, taking the real estate agent one step closer to getting paid. By general agreement, the commission usually is paid at the closing. When more than one broker is involved, the broker representing the seller distributes the preapproved share of the commission to the buyer's representative. Each broker then splits a portion or percentage of the commission with the salesperson who worked the deal.


provided by:


For Dummies is a registered trademark of Wiley Publishing, Inc. in the United States and other countries. Used here by license.


Featured Local Company

Calamar Development

(716) 693-0006
3949 Forest Parkway
Wheatfield, NY

Regional Articles
- Residential Real Estate Transactions Albany NY
- Residential Real Estate Transactions Amityville NY
- Residential Real Estate Transactions Amsterdam NY
- Residential Real Estate Transactions Arverne NY
- Residential Real Estate Transactions Astoria NY
- Residential Real Estate Transactions Auburn NY
- Residential Real Estate Transactions Babylon NY
- Residential Real Estate Transactions Baldwin NY
- Residential Real Estate Transactions Baldwinsville NY
- Residential Real Estate Transactions Ballston Spa NY
- Residential Real Estate Transactions Bay Shore NY
- Residential Real Estate Transactions Bayside NY
- Residential Real Estate Transactions Beacon NY
- Residential Real Estate Transactions Bellerose NY
- Residential Real Estate Transactions Bellmore NY
- Residential Real Estate Transactions Bethpage NY
- Residential Real Estate Transactions Binghamton NY
- Residential Real Estate Transactions Brentwood NY
- Residential Real Estate Transactions Brewster NY
- Residential Real Estate Transactions Brockport NY
- Residential Real Estate Transactions Bronx NY
- Residential Real Estate Transactions Bronxville NY
- Residential Real Estate Transactions Brooklyn NY
- Residential Real Estate Transactions Buffalo NY
- Residential Real Estate Transactions Cambria Heights NY
- Residential Real Estate Transactions Camillus NY
- Residential Real Estate Transactions Canandaigua NY
- Residential Real Estate Transactions Centereach NY
- Residential Real Estate Transactions Central Islip NY
- Residential Real Estate Transactions Clifton Park NY
- Residential Real Estate Transactions Cohoes NY
- Residential Real Estate Transactions College Point NY
- Residential Real Estate Transactions Commack NY
- Residential Real Estate Transactions Copiague NY
- Residential Real Estate Transactions Coram NY
- Residential Real Estate Transactions Corning NY
- Residential Real Estate Transactions Corona NY
- Residential Real Estate Transactions Cortland NY
- Residential Real Estate Transactions Cortlandt Manor NY
- Residential Real Estate Transactions Deer Park NY
- Residential Real Estate Transactions Delmar NY
- Residential Real Estate Transactions Depew NY
- Residential Real Estate Transactions Dunkirk NY
- Residential Real Estate Transactions East Amherst NY
- Residential Real Estate Transactions East Aurora NY
- Residential Real Estate Transactions East Elmhurst NY
- Residential Real Estate Transactions East Islip NY
- Residential Real Estate Transactions East Meadow NY
- Residential Real Estate Transactions East Northport NY
- Residential Real Estate Transactions East Setauket NY
- Residential Real Estate Transactions East Syracuse NY
- Residential Real Estate Transactions Elmhurst NY
- Residential Real Estate Transactions Elmira NY
- Residential Real Estate Transactions Elmont NY
- Residential Real Estate Transactions Endicott NY
- Residential Real Estate Transactions Fairport NY
- Residential Real Estate Transactions Far Rockaway NY
- Residential Real Estate Transactions Farmingdale NY
- Residential Real Estate Transactions Farmingville NY
- Residential Real Estate Transactions Floral Park NY
- Residential Real Estate Transactions Flushing NY
- Residential Real Estate Transactions Forest Hills NY
- Residential Real Estate Transactions Franklin Square NY
- Residential Real Estate Transactions Fredonia NY
- Residential Real Estate Transactions Freeport NY
- Residential Real Estate Transactions Fresh Meadows NY
- Residential Real Estate Transactions Fulton NY
- Residential Real Estate Transactions Garden City NY
- Residential Real Estate Transactions Glen Cove NY
- Residential Real Estate Transactions Glen Oaks NY
- Residential Real Estate Transactions Glens Falls NY
- Residential Real Estate Transactions Gloversville NY
- Residential Real Estate Transactions Great Neck NY
- Residential Real Estate Transactions Hamburg NY
- Residential Real Estate Transactions Hauppauge NY
- Residential Real Estate Transactions Hempstead NY
- Residential Real Estate Transactions Hicksville NY
- Residential Real Estate Transactions Hilton NY
- Residential Real Estate Transactions Holbrook NY
- Residential Real Estate Transactions Hollis NY
- Residential Real Estate Transactions Hopewell Junction NY
- Residential Real Estate Transactions Horseheads NY
- Residential Real Estate Transactions Howard Beach NY
- Residential Real Estate Transactions Huntington NY
- Residential Real Estate Transactions Huntington Station NY
- Residential Real Estate Transactions Islip NY
- Residential Real Estate Transactions Ithaca NY
- Residential Real Estate Transactions Jackson Heights NY
- Residential Real Estate Transactions Jamaica NY
- Residential Real Estate Transactions Jamestown NY
- Residential Real Estate Transactions Kew Gardens NY
- Residential Real Estate Transactions Kings Park NY
- Residential Real Estate Transactions Kingston NY
- Residential Real Estate Transactions Lancaster NY
- Residential Real Estate Transactions Larchmont NY
- Residential Real Estate Transactions Latham NY
- Residential Real Estate Transactions Levittown NY
- Residential Real Estate Transactions Lindenhurst NY
- Residential Real Estate Transactions Little Neck NY
- Residential Real Estate Transactions Liverpool NY
- Residential Real Estate Transactions Lockport NY
- Residential Real Estate Transactions Long Beach NY
- Residential Real Estate Transactions Long Island City NY
- Residential Real Estate Transactions Lynbrook NY
- Residential Real Estate Transactions Mahopac NY
- Residential Real Estate Transactions Malone NY
- Residential Real Estate Transactions Mamaroneck NY
- Residential Real Estate Transactions Manhasset NY
- Residential Real Estate Transactions Manlius NY
- Residential Real Estate Transactions Maspeth NY
- Residential Real Estate Transactions Massapequa NY
- Residential Real Estate Transactions Massapequa Park NY
- Residential Real Estate Transactions Massena NY
- Residential Real Estate Transactions Mastic NY
- Residential Real Estate Transactions Melville NY
- Residential Real Estate Transactions Merrick NY
- Residential Real Estate Transactions Middle Village NY
- Residential Real Estate Transactions Middletown NY
- Residential Real Estate Transactions Mineola NY
- Residential Real Estate Transactions Monroe NY
- Residential Real Estate Transactions Monsey NY
- Residential Real Estate Transactions Mount Kisco NY
- Residential Real Estate Transactions Mount Vernon NY
- Residential Real Estate Transactions Nanuet NY
- Residential Real Estate Transactions New City NY
- Residential Real Estate Transactions New Hartford NY
- Residential Real Estate Transactions New Hyde Park NY
- Residential Real Estate Transactions New Paltz NY
- Residential Real Estate Transactions New Rochelle NY
- Residential Real Estate Transactions New Windsor NY
- Residential Real Estate Transactions New York NY
- Residential Real Estate Transactions Newburgh NY
- Residential Real Estate Transactions Niagara Falls NY
- Residential Real Estate Transactions North Babylon NY
- Residential Real Estate Transactions North Tonawanda NY
- Residential Real Estate Transactions Nyack NY
- Residential Real Estate Transactions Oakland Gardens NY
- Residential Real Estate Transactions Oceanside NY
- Residential Real Estate Transactions Ogdensburg NY
- Residential Real Estate Transactions Olean NY
- Residential Real Estate Transactions Oneonta NY
- Residential Real Estate Transactions Orchard Park NY
- Residential Real Estate Transactions Ossining NY
- Residential Real Estate Transactions Oswego NY
- Residential Real Estate Transactions Ozone Park NY
- Residential Real Estate Transactions Patchogue NY
- Residential Real Estate Transactions Pearl River NY
- Residential Real Estate Transactions Peekskill NY
- Residential Real Estate Transactions Penfield NY
- Residential Real Estate Transactions Pittsford NY
- Residential Real Estate Transactions Plainview NY
- Residential Real Estate Transactions Plattsburgh NY
- Residential Real Estate Transactions Port Chester NY
- Residential Real Estate Transactions Port Jefferson Station NY
- Residential Real Estate Transactions Port Washington NY
- Residential Real Estate Transactions Potsdam NY
- Residential Real Estate Transactions Poughkeepsie NY
- Residential Real Estate Transactions Queens Village NY
- Residential Real Estate Transactions Queensbury NY
- Residential Real Estate Transactions Rego Park NY
- Residential Real Estate Transactions Rensselaer NY
- Residential Real Estate Transactions Richmond Hill NY
- Residential Real Estate Transactions Ridgewood NY
- Residential Real Estate Transactions Riverhead NY
- Residential Real Estate Transactions Rochester NY
- Residential Real Estate Transactions Rockaway Park NY
- Residential Real Estate Transactions Rockville Centre NY
- Residential Real Estate Transactions Rome NY
- Residential Real Estate Transactions Ronkonkoma NY
- Residential Real Estate Transactions Roosevelt NY
- Residential Real Estate Transactions Rosedale NY
- Residential Real Estate Transactions Rye NY
- Residential Real Estate Transactions Saint Albans NY
- Residential Real Estate Transactions Saint James NY
- Residential Real Estate Transactions Saratoga Springs NY
- Residential Real Estate Transactions Saugerties NY
- Residential Real Estate Transactions Sayville NY
- Residential Real Estate Transactions Scarsdale NY
- Residential Real Estate Transactions Schenectady NY
- Residential Real Estate Transactions Selden NY
- Residential Real Estate Transactions Shirley NY
- Residential Real Estate Transactions Smithtown NY
- Residential Real Estate Transactions South Ozone Park NY
- Residential Real Estate Transactions South Richmond Hill NY
- Residential Real Estate Transactions Spencerport NY
- Residential Real Estate Transactions Spring Valley NY
- Residential Real Estate Transactions Springfield Gardens NY
- Residential Real Estate Transactions Staten Island NY
- Residential Real Estate Transactions Stony Brook NY
- Residential Real Estate Transactions Suffern NY
- Residential Real Estate Transactions Sunnyside NY
- Residential Real Estate Transactions Syosset NY
- Residential Real Estate Transactions Syracuse NY
- Residential Real Estate Transactions Tarrytown NY
- Residential Real Estate Transactions Tonawanda NY
- Residential Real Estate Transactions Troy NY
- Residential Real Estate Transactions Uniondale NY
- Residential Real Estate Transactions Utica NY
- Residential Real Estate Transactions Valley Stream NY
- Residential Real Estate Transactions Vestal NY
- Residential Real Estate Transactions Wantagh NY
- Residential Real Estate Transactions Wappingers Falls NY
- Residential Real Estate Transactions Watertown NY
- Residential Real Estate Transactions Watervliet NY
- Residential Real Estate Transactions Webster NY
- Residential Real Estate Transactions West Babylon NY
- Residential Real Estate Transactions West Hempstead NY
- Residential Real Estate Transactions West Islip NY
- Residential Real Estate Transactions Westbury NY
- Residential Real Estate Transactions White Plains NY
- Residential Real Estate Transactions Whitestone NY
- Residential Real Estate Transactions Woodhaven NY
- Residential Real Estate Transactions Woodside NY
- Residential Real Estate Transactions Wyandanch NY
- Residential Real Estate Transactions Yonkers NY
- Residential Real Estate Transactions Yorktown Heights NY
Related Local Events
AFFORDABLE HOUSING COMMITTEE
Dates: 11/12/2009 - 11/12/2009
Location: Municipal Building
Hastings, NY
View Details

CITYSCAPE USA
Dates: 11/18/2009 - 11/19/2009
Location: Jacob K. Javits Convention Center
New York, NY
View Details

CITYSCAPE USA
Dates: 11/18/2009 - 11/19/2009
Location: Jacob K Javits Convention Center
New York, NY
View Details

AFFORDABLE HOUSING COMMITTEE
Dates: 12/10/2009 - 12/10/2009
Location: Municipal Building
Hastings, NY
View Details

RealShare NEW YORK 2009
Dates: 10/28/2009 - 10/28/2009
Location: The Roosevelt Hotel
New York, NY
View Details
Rate Article
     
Articles Insider

Rss   Delicious   Digg   Add To My Yahoo   Add To My Google   Bookmark   Search Plugin

Topics:
Advertising Family Home Services Real Estate Resources
Business Services Fashion Industrial Goods & Services Retail & Consumer Services
Career Financial Services Insurance Software
Cars Food & Beverage Internet Technology
Computer Hardware Franchise Legal Telecommunications
Construction Health Miscellaneous Trade Shows
Education Holidays Nightlife Travel
Entertainment Home Appliances Online Database Weddings
Environmental Home Electronics Pets World History