It takes many people working together to make your home purchase happen. Some you will see, meet and interact with and others will be working behind the scenes. The following is a quick introduction to some of the most likely players that you will work with and/or hear about along your journey.
Buyer – YOU!! An anxious new home owner!
Seller – Currently owns of the home you intend to purchase. This may be an individual(s), a bank, an estate, a trust, etc. In most cases the first time you will actually meet them face to face is at the closing table.
Real Estate Agents
Listing Agent – The seller’s representative.
Buyer’s Agent – The buyer’s representative.
Dual Agent – In some cases one agent services both the seller and buyer.
The buyer and seller do not communicate directly to with each other during the process. The listing and buying agents act as the interface between the parties.
Lender – Assists you in attaining a loan for your home purchase. You will work very closely and frequently with your lender’s team throughout the entire process.
Home Inspector – Inspects and reports to you the condition of the home being purchased with you by their side. They are hired, scheduled and paid directly by you.
Home Appraiser – Determines the home’s current value. They are hired and scheduled by your lender and billed to you through your lender. You will not be present at the appraisal nor meet the appraiser, but you will attain their report through your lender after it occurs.
Insurance Agent – An agent of your choice to provide home owners insurance coverage of your new home. The lender will need this information and policy details provided during your loan process.
Owner’s Title Company – Provides a title insurance policy provided and paid for by the seller to protect the buyer’s interest in the property. They are selected and hired by the seller’s team. They also act as a closing agent and will present and explain a portion of the paperwork to you at closing.
Lender’s Title Company – Provides a title insurance policy provided and paid for by the buyer to protect the lender’s interest in the property. They are selected and hired by the buyer’s team. They also act as a closing agent and will present and explain a portion of the paperwork to you at closing including the mortgage documents.
