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   Your agent needs...

Your agent needs to be licensed in the state where they operate. There is no federal/national license for real estate agents. For obtaining a license, an Indianapolis real estate agent has to successfully pass a licensing examination after having completed 54 hours of instructional training at an accredited school. That apart, for maintaining this license he is required to complete 16 credits of continuing education bi-annually.

Make sure that your agent is also a Realtor i.e. a member of the National Association of Realtors (NAR). Realtors are bound to maintain high professional standards and adhere to a strict code of ethics set by the NAR. The quality of services provided in return for what you pay depends on the capabilities of the real estate agent you choose.

When you engage the services of an agent to buy property, he is legally bound to work exclusively in your interest, which includes:
# <ul type="disc"> Exercising due care and skill while performing his duties
# Keeping all his dealings with you (the client) honest, fair and above board
# Inform you of all facts affecting the desirability and value of any property under your consideration, as soon as such information is discovered/becomes known to him.
# In the exceptional case when he acts the role of a limited agent i.e. represent the interests of both the seller and the buyer, it must be disclosed to and authorized in writing by both buyer and seller to allow the transaction to proceed as valid and acceptable.

When you buy any property through an agent you pay quite a handsome amount to him as commission, which is built into the selling price of the house. The sale price includes the commission of the listing broker, which is usually 7 percent of the price. Your agent is paid out of this, the agent commission being split between the seller's and the buyer's agent. Using services of a real estate agent enables you to glide safely through the haze of offers, counter offers, inspections, amendments etc. with due safeguards to your interests. It can save you from making costly errors while buying your new home.

About the Author

Michael Taylor is the broker/owner of Rebate Real Estate in Indianapolis You can visit his Indianapolis Real Estate, Carmel Indiana Real Estate, or Indianapolis New Homes sites for more information.