In this entry we are going to explore more about estate agencies, the jobs that they do and the roles that they play in negotiating contracts.
What Does An Estate Agent Do?
An Estate Agent is responsible for negotiating sales contracts and selling properties for their clients. An estate agent can be a lawyer, or a person who has their estate agents license. An estate agent is defined by the Estate Agents Act of 1980 as a person who places an advertisement in a local paper saying that they are in the business of selling real estate or negotiating real estate on behalf of others.
Who Is An Estate Agent?
An estate agent or agent basically is a person who advertises themselves or makes themselves available to:
Sell, buy, exchange, take a lease of, or dispose of any real estate or business on behalf of another person.
Negotiates for the sale of a real estate property through the use of exchanging letters or taking on leases
collecting rents.
Professionals who also are involved in the business of buying and selling real estate, handling sales negotiations and leasing are also considered to be estate agents. Since the buying and selling of property is considered to be a legal process, lawyers are also included in this group of individuals.
Estate agents, while not allowed to perform all legal work for their clients, are permitted to perform some of the work involved. The work that they are allowed to conduct on legal documents is very limited and strict penalties are imposed for those who fail to follow the law.
In the next installment of this series on understanding more about agents we will take a more in depth look at the legal work involved with the sale of property and who is responsible for conducting that work.
Sean Rasmussen
Property Options Australia
Property Options Blog © 2006 – 2008
Tags: Australia, estate, estate agencies, Investing, Investment, Options, Property, Real Estate, real estate agent
{ 1 comment… read it below or add one }
Hi Sean,
This is really interesting information. I think you have to find a real estate agent you can trust to handle your affairs. But, I also think it’s important to have a lawyer check over all paperwork and contracts before you sign anything.
You’re dealing with life-changing decisions so you need to be sure of what you’re committing yourself to.