Key Professionals in a Real Estate Transaction

So you decided to list your home and you had NO idea what to expect about the home selling process, you probably thought it was just going to be you and the buyer, right? well, it turns out that during a real estate transaction there are usually 8 key professionals involved. Who are they and what do they do?

  • Real Estate Agent: We are licensed by the state to represent parties in the transfer of property. Your real estate agent will wear a LOT of hats, but in a nutshell, our job is to determine your home’s fair market value; get the property correctly priced from the get-go (getting you to agree on the price is part of this); help you get your home ready for sale; market the home; negotiate to get you the best price and the most favorable terms and CLOSE the deal (on time). All the work that’s done- pricing, preparation, marketing and negotiating- don’t mean a thing unless the property actually closes.

  • Home Inspector: Objectively and independently provides a comprehensive analysis of a home’s major systems and components. Keep in mind that the home inspection is a HUGE deal for the buyer.

  • Loan Officer: A representative of a bank or other financial institution. They help customers identify their borrowing options and help them understand the terms of their loan.

  • Appraiser: Works on behalf of a lender and provides a market analysis of your home. An appraiser’s finding is subjective and combined with market findings of sold properties within the surrounding neighborhood.

  • Insurance Agent: Helps a homebuyer determine the homeowner’s protection coverage needed and then finds the right insurance policy to fit those needs.

  • Real Estate Attorney: Can give advice on all legal aspects of the real estate transaction. Additionally, they are able to draft and review contracts, help decide how to take title and assist with the closing process. In some states, real estate closings can only be conducted by attorneys.

  • Escrow/Closing Officer: A nob-biased party who works with all participants to facilitate a successful closing of a real estate transaction. At closing, the closing officer will collect the purchase money funds from the buyer and lender as well as the settlement costs from each party. They disburse the funds in accordance with the closing documents and record the necessary documents to transfer ownership of the property.

  • Closing/Settlement/Title Agent: Performs title searches to ensure a clear title so a title insurance policy can be issued. In some states, they facilitate the transfer of real estate.

PHEW! That’s a lot right? keep in mind that these knowledgeable, customer-focused professionals are available to answer ALL of your questions! If you feel ready to list your home, CALL ME! I’ll be happy to guide you through the process.

Dany Amparano

Reference: First American Title Insurance Company/ Photo by Alturas Homes from Pexels.