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When buying or selling a home, the realtor might mention the “assessed value” of the property. While often used interchangeably with a real estate appraisal, an assessment is not the same thing. One important distinction is that an appraisal estimates the price that a home could sell for. An assessment helps to calculate the property tax amount. Another difference is that an appraisal is performed by a contractor hired by a mortgage lender, while an assessment is done by a government employee from the county or city assessor’s office. In our region, that is either the St. Louis county assessor or the City of St. Louis assessor.

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When a homeowner decides to hire an agent to sell their property, both parties usually sign a contract called a listing agreement. The listing agreement grants a broker legal authority to represent the owner in a real estate transaction. The document lays out important information for the seller, such as agreed-upon terms regarding commission percentages, timelines, and marketing tactics. Having a formal contract is a good thing for both the owner and the agent.

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