What is a Missouri Broker Disclosure Form?
Missouri Realtors are governed by the Missouri Real Estate Commission. Realtors are required by law to supply anyone inquiring about real estate a Broker Disclosure Form. The form describes all the realtor/client relationships allowed by the state of Missouri. On the second page of the disclosure form you will see the name of the Realtor’s brokerage and all the different relationships a specific broker allows their agents to engage.
Why is my real estate agent asking me to sign a buyer’s agreement?
A buyer’s agreement is an understanding that the realtor will get paid for his or her services. A real estate agent gets paid when a real estate transaction closes. You should be loyal to an agent that spends time driving you around and showing you houses and searching the MLS (Multi Listing Service) for homes to look at in your price range and specifications. A real estate agent can spend countless hours and if a client decides to buy from another agent they happen to run into at an open house or on the street, the agent that showed you houses and spent all the time doing searches will not be compensated. As a rule of thumb the seller pays the commission fees due to both the seller and buyer’s agent. The agreement also allows your agent to make offer on your behalf.
Why does it take so long to close on a home?
In August of 2015, the Consumer Financial Protection Bureau set out to revamp the mortgage banking industry to attempt to avoid certain conditions that led to the recent recession. The CFPB eliminated the HUD-1 Settlement Statement and the Good Faith Estimate. In order to provide better protection for home buyers the TILA-RESPA Integrated Disclosure Form or the TRID was introduced. Part of the reform and the TRID was a new requirement that required a three day waiting period when there are any changes to the TRID form. This change forced a normally 30 day closing to be extended to 45 days.
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