How does real estate work in the US?

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he real estate market works through agents and brokers in the US. According to a data from the National Association of Realtors, about 87% of the properties are bought and sold using a broker. It initially starts off with signing a contract where the owner of the property and the agent initially negotiate the agent commission. The agent then publishes the home on the local MLS. Homebuyers who are looking for homes get in touch via the MLS website or via portals such as Zillow, etc. The buyer then makes an offer. Later an inspector inspects the house and negotiates if there are any repairs found. Finally, the agents present the documents for signature which includes the transfer of title, a bill of sale, etc and the agent's commission is finally settled.

The process is not dissimilar. There are usually two brokers involved- A listing broker and a buyer-side broker. The seller pays the listing broker (between 4% to 6% of gross sale value depending on the strength of the market and urgency to sell). The listing broker will usually share 50% of his or her commission with the buyer side broker. That means the buyer doesn't have to pay any brokerage. Transfer charges similar to Indian stamp duty are also paid by the seller. The buyer would have to pay mortgage recording taxes if applicable, appraisal fees, credit check fees and own-side attorney fees. Title Insurance fees are often a matter of negotiation between buyer and seller. You could start your search by perusing the online listing platforms. There are several listing aggregators that accept submissions from various licensed brokers.

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