How Many People Are Involved in a Real Estate Transaction?
When you decide to buy or sell real estate you embark upon a many-faceted and complex journey. Most people have no idea just how many people are involved in a real estate transaction before the process begins. Sometimes, even during or after a transaction is complete the principles of the sale, the buyer and seller, still don’t know how many people were working in the background from start to finish. There’s a lot to know about Real Estate and your agent is responsible for educating you on each step along the way. The following list should be a helpful tool for you to understand the basic steps of a real estate transaction.
Seller (owner of the property to be sold)
Listing Agent’s Broker
Buyer’s Agent’s Broker
Buyer’s Lender (usually includes a loan officer, a loan processor, and an actual lender whom lends the funds)
(Sometimes an agent will hire a Transaction Coordinator to do all the paperwork for the file)
Escrow Officer (usually a team of people in charge of documents, funds, contracts, HOA and closings)
Title Officer (a team of people in charge of liens, previous insurance claims, and recording the deed)
Appraiser (hired by the buyer’s lender)
Termite Inspector (hired by the buyer or seller depending on the contract)
Physical Inspector (hired by the buyer)
Insurance Agent (chosen by the buyer)
Home Warranty Company (chosen by the buyer or seller depending on the contract)
The only way to have a smooth and successful transaction is if all the above people work together on their corresponding tasks and do so in a timely matter. There is always something going on behind the scenes in a real estate transaction and there is NEVER a dull moment. Remember, it is your agent’s responsibility to make sure you are well informed in all aspects of the transaction.