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Legal Process for Transferring Real Estate from a Deceased Person's Estate in NC
https://legiswiki.com/en/p/10148/legal-process-for-transferring-real-estate-from-a-deceased-persons-estate-in-nc
The legal process for transferring real estate from a deceased person's estate in North Carolina primarily involves probate, as North Carolina does not recognize Transfer on Death (TOD) deeds for real estate. This means real estate generally must go through the probate process unless it is held in a...
The Role of Probate in Transferring Real Estate Ownership After Death in NC
https://legiswiki.com/en/p/10152/the-role-of-probate-in-transferring-real-estate-ownership-after-death-in-nc
Probate plays a crucial role in the legal process of transferring real estate ownership after a person's death in North Carolina. Here's an overview of how it works: What is Probate? Probate is the legal process by which a deceased person's estate is settled. This includes the distribution of asset...
Selling Real Estate
Selling Real Estate: An Overview
Selling real estate involves the process of transferring ownership of a property from one party to another. This transaction typically involves several key players, including the seller, the buyer, and real estate agents. Here's a breakdown of the roles and processes involved:
Key Players in Real Estate Transactions
- Seller: The individual or entity that owns the property and wishes to sell it.
- Buyer: The individual or entity interested in purchasing the property.
- Listing Agent (Seller's Agent): Represents the seller, helping them market and sell their property. Their responsibilities include:
- Pricing the property competitively.
- Listing the property on the Multiple Listing Service (MLS) and other platforms.
- Marketing the property through various means (e.g., open houses, advertising).
- Negotiating offers and handling paperwork.
- Selling Agent (Buyer's Agent): Represents the buyer, assisting them in finding and purchasing a property. Their role includes:
- Helping buyers find suitable properties.
- Negotiating purchase offers on behalf of the buyer.
- Assisting with the closing process.
The Selling Process
- Pricing and Listing: The seller works with a listing agent to determine a competitive price for the property and list it on the market.
- Marketing and Showings: The listing agent markets the property and arranges showings for potential buyers.
- Offers and Negotiations: When an offer is received, the listing agent helps the seller evaluate and negotiate the terms.
- Closing: Once an agreement is reached, both parties work with their respective agents to finalize the sale, which includes signing contracts and transferring ownership.
Real Estate Agents' Compensation
Real estate agents typically earn a commission based on the sale price of the property. For a full-service transaction, this commission can range from 5% to 6% of the sale price, with the listing agent and selling agent usually splitting this amount.