Selling or buying a home is the largest transaction most of us ever become involved in our life. It really requires you to make many important decisions during the process. People sometimes tend to make mistakes taking haste decisions while making a real estate transaction. Although buying or selling a home can be a rewarding and exciting adventure, at times it can also be hectic and confusing. Thats because its an unfamiliar territory to many of us. Not all of us are conversant with these things. We dont know what questions to ask. We may take things for granted, rely on others when we shouldnt, and sometimes we later wish we had known more about the process involved.

You can sell your own home without the services of a real estate licensee, but selling a home is a complex process. There are various intricacies to be minutely studied and taken care of:

What is the fairest market value of your property?
Where do you find a buyer?
What facts must you disclose?
What paperwork is required?
Will the contract be legal and binding?
How is ownership transferred?
What about the existing mortgage?
Can the buyer qualify for a mortgage?
Who ensures you will get your money?

To handle these problems and many other situations that may arise, you might wish to employ a licensed real estate professional to act as your agent. A real estate agent is a professional licensed by the state to help you buy or sell your home. The agents job is to bring buyers and sellers together and help them reach an agreement. They may assist both parties in negotiating the purchase contract and filling out certain legal contract forms. A real estate agent will also explain the closing procedures in advance and make sure all you need for closing is ready. You can work with a real estate agent in a real estate transaction in two waysas a client (who sells the real estate) or as a customer (who wants to buy a real estate).

Whether you are a client or a customer you expect and deserve the best service from a real estate agent. This is why the law requires the real estate agents to treat all parties fairly in any transaction. The law also provides that the agents have additional obligations with respect to his or her client, called fiduciary duties. The law has enumerated the duties that the real estate agents owe all parties in a real estate transaction:

Fair and honest treatment
Disclosure of Material Adverse facts
Confidentiality
Accurate market Condition Information
Reasonable Skill and Care
Accounting
Objective Presentation of Offers

Apart from these when you sign a listing contract or a buyer agency agreement you become the client of the broker named in the contract. The broker owes you additional client level duties such as loyalty, disclosure and obedience. There are laws that govern the licensing and conduct of estate agents. These laws prohibit unethical practices like under-quoting, over-quoting and dummy bidding.

Buying or selling a property is a large, ongoing financial commitment, so buyers and sellers should spend some time working out what they need and can afford. Employing a skilled real estate agent is one of the traditional solutions.