Real estate closings often involve a lot of players, so we’ve compiled a list of who’s involved and what they do. This list will help break down the basics of a real estate transaction for you.
Real Estate Agent:
– Alerts you to homes on the market that match your needs
– Schedules showings
– Writes and negotiates the contract to protect your rights
– Helps with inspections
– Makes sure everything is complete so the sale closes on time
Loan Officer/Mortgage Broker:
– Provides preapproval letter prior to offer
– Processes loan application
– Secures financing at best rate possible
– Provides the loan to complete the sale
– Estimates the home’s true market value compared to other sales
– Ensures that you haven’t paid too much
– Hired by Mortgage Company
Home Inspector: (whole house, termite, radon, structural, etc.)
– Examines the home’s physical condition
– Notifies you of all defects as well as potential future problems
– Hired by buyer
– Ensures that the home has a “clear title”
– Protects against future title claims that may threaten ownership
– Serves as a neutral third party to prepare closing paperwork
– Compiles information from the various parties into a single document called the settlement statement
– Collects funds from various parties and disburses them according to the settlement statement.
No real estate closing is complete without you, whether you’re buying or selling! For everyone involved, completing a deal is an exciting experience.
Let Monarch Title help you get there!