Buying and selling a home generally requires you to work alongside a qualified real estate agent. He or she may have discussed with you the various terms and clauses of which you will need to be aware when working with a realtor.
Some of these are for the agent’s protection. What is agent protection? There are a couple different forms of protection that real estate agents use to ensure their financial and legal well-being when dealing with real estate.
Hold Harmless Clause
On occasion, a buyer will close on a house, move in, and find that everything is not as they were told.
For example, although the seller claimed the basement was sealed and watertight, the basement may flood, and evidence shows no water-proofing measures were taken. The Hold Harmless Clause protects the agent from liability when he or she was unaware of the problem.
If the seller neglected to tell the agent of this problem, he or she is not held responsible in cases of law suits.
Period of Protection
When listing your house with an agent, the listing will generally have an expiration date. When you agree to hire a realtor, you will likely agree to a period of protection after the listing expires.
Let’s say your listing will expire in one week, and an individual decides to personally make an offer on your home. The period of protection prevents you from waiting until the listing expires to sell the home and forgo any commission you are responsible to pay to the realtor.
This protects the agent from losing money that he or she deserves.
Solve The Endless List Of Real Estate Jargon
In order to fully understand all the jargon that goes along with real estate, just ask an expert. Your agent will happily explain all of the terms and conditions of your contract, listing, etc. TalkLocal can find a qualified real estate agent in your area so that you won’t have to ask simple questions, like: What is agent protection? Try our easy service today.
