In making one of life’s largest financial decisions, whether buying or selling, you should choose a REALTOR wisely. Only real estate professionals who are members of the National Association of REALTORS are called REALTORS and must abide by a Code of Ethics. All licensed real estate agents are not the same. In an attempt to find the full-time agent who knows the market, financing, contract writing, marketing and today’s technology as well as has the focus and commitment to work for you, you can narrow your search by using several sources. Many start their search at REALTOR.com or local papers to get a list of agents in the area. From there they can interview agents, ask others about an agent’s reputation, ask for references and check on the agent’s years of experience as well as agent designations signifying additional training (Broker, Certified Residential Specialist, Senior Real Estate Specialist, e-Pro, etc.). A little homework on the Seller or Buyer’s part in choosing the right agent will go a long way in helping provide a direct benefit in the selling or buying process. Knowledge, trust, service, experience, commitment and attitude do matter.

Experienced REALTORS know lenders who can provide different types of financing such as FHA, FHA Rehab loans, VA, conventional, USDA or First-time Homebuyer programs and can get clients to settlement at competitive interest rates. Beware of ads that offer “special” interest rates because they frequently disappoint Buyers and cost them extra time and money or don’t get them to settlement at all. A knowledgeable REALTOR also can help clients choose a home to fit the type of financing needed. The agent needs to know about foreclosures, short sales, deeds-in-lieu and other types of distressed situations. Many Buyers and Sellers have been disappointed by an agent’s lack of knowledge in these areas.

Closing costs are those fees charged called “reasonable and customary” to get a property to settlement. They are listed on a settlement sheet called a HUD-1 and appear as Seller’s costs and Buyer’s costs. Typically, the Seller’s side includes the real estate commission, transfer tax, deed preparation, mortgage pay-off and satisfaction and prorations (taxes, water, sewer, fuel, etc.). The Buyer’s fee list is usually longer and may vary depending on the type of financing. It will even reflect some fees that might have been paid before the settlement (POC). Basic fees include a title search, title insurance for the owner and lender, attorney document and settlement fees, transfer tax, survey, pest inspection, home and septic/well inspections, prorations, lender fees and any others. Lenders must give you a good faith estimate of your closing costs and agents can provide an estimate as well. Although our taxes are low once you settle, our transfer tax (1 1/2% of the purchase price each for the Seller and Buyer unless Buyers are first-time buyers) makes the one time closing costs higher than in some other parts of the country.

In the state of Delaware law dictates that a REALTOR disclose for whom he is working and what duties he must and may perform. Typically, an agent works for the Seller as a listing agent and for the Buyer as a selling agent except in cases of dual agency where the agent represents both parties. Visit the website, www.dpr.Delaware.gov/boards/realestate/documents/RSPFpamphlet.pdf to view our Consumer Information Statement (CIS) which agents must present and get signed.