In any real estate transaction, there are a lot of key professionals involved to make sure the deal goes through smoothly. From your real estate agent to the loan officer and beyond, each professional plays an important role in getting you into your dream home. Here's a quick rundown of some of the key players you'll encounter during your homebuying journey.
REAL ESTATE LISTING AGENT
When you list your home with a listing agent, you are creating a legal relationship. They are licensed by the state to assist in the process of listing your home for sale. This agent will help to sell your home, list it in the MLS, and will guide the sellers through the process of what must be done to meet the contract closing date once an offer is made.
REAL ESTATE BUYER'S AGENT
A buyer's agent is licensed by the state and works with the buyer from the time the offer is made by the buyer, throughout the contract period, during home inspections, and meets any deadlines to be met per contract until the closing date.
A home inspector is someone who checks a home's major systems and components. They make sure everything is in working order, is up to code, and will produce a written report of their findings.
The loan officer is the person who helps you get a mortgage. They help to determine how much you can borrow and what type of loan is best for you. They will also instruct you as to the documentation you have to provide them during the loan process.
An appraiser is a professional who determines the value of a property. This is important to get a mortgage and for setting the price of a home.
HOMEOWNER'S INSURANCE AGENT
A homeowner's insurance agent helps a homebuyer find the right homeowner's insurance policy. The agent determines the coverage that the homebuyer needs and then finds a policy that fits those needs.
TITLE AGENT & CLOSING OFFICER
The licensed title agent works with qualified title examiners on the exam of the property you are purchasing. The owner’s policy can be issued to the purchaser at the time of filing the recorded Warranty Deed and a lender’s title insurance policy to the lender financing the transaction. The title closing agency office has highly qualified closing agents who work with the buyer and seller from receipt of the contract through the closing process, which helps to make sure the real estate transaction goes smoothly. The closing agent at the closing will collect the wired funds, or local certified funds, from the buyer and the lender involved and will distribute all funds according to the closing statement, and records the necessary documents to convey the property. The title closing agent conducts the real estate closing for the parties of the required documents to be signed to complete the legal transfer of the property.
REAL ESTATE ATTORNEY
If you're buying or selling a home, you do have the option to secure the services of an attorney if you choose to do so. They can give you advice on all the legal aspects of the transaction. They can also help you draft and review contracts, decide how to take the title, and assist with the closing process.
As you can see, there are a lot of key professionals involved in a real estate transaction. Each one plays an important role in making sure the deal goes smoothly. Choose your team carefully and make sure you understand the role of each professional before you begin the home buying process.
Please reach out to our team at Skyway Title Services, LLC with any questions.