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Who Is Involved In A Real Estate Transaction
Who is involved in a real estate transaction?
For those of you who think a real estate transaction is just two agents and their clients, I am afraid to inform you that’s not it. A real estate transaction is full of many professionals who work in front of and behind the scenes to get a deal closed.
To start off, you have your seller and buyer. The seller hires a realtor to sell their home for them. A buyer hires a realtor to help them find a home to buy and to represent them in the process. Realtors are hired for their knowledge and expertise. They advise, market, negotiate, write contracts and take care of other paperwork, they communicate with all other professionals in the transaction, meet with clients and everyone else, host open houses, keep up to date with market trends and values, and basically take a lot of stress off your plate.
So far, we have two realtors and the buyer and seller.
Next, we have the buyer’s lender or bank. The lender or bank works with the buyer to get a mortgage, which unless the buyer has all cash, is a big part of the real estate transaction. A mortgage underwriter also gets involved to evaluate the loan application to make sure it meets the criteria to be approved for a loan.
Then we have the inspector, appraiser, and the pest control company. The inspector basically does what his title says; he inspects. An inspector determines the condition of the house and what needs repair, including the mechanical and structural aspects of the home. The appraiser determines the property’s value based on the area and what has recently sold. A CL-100 is a termite test that is required to get by the bank, so pest control goes out to test for termites, and if there are termites, they are the ones to treat the issue.
Attorneys, title companies, and the county recorder may all get involved also, to make sure the house has a clear title, has been de-titled or not, etc. At closing, you meet with the attorney who goes over the closing statements and final paperwork dealing with the house and mortgage.
In some cases, a home stager may get involved. If the house for sale is empty and the seller wants to stage their home for showings or open houses, another professional comes in to stage the home for the sale. A surveyor is another professional that may or may not be a part of the transaction. A surveyor provides the precise property lines and physical features of the property. Insurance and warranty companies also get involved. If any repairs need to be made to the house before closing, a plumber, electrician, or contractor may be involved also.
There are many professionals involved in a real estate transaction. You want to hire a realtor first so that you don’t have to deal with setting everything up and communicating with everyone yourself. A realtor is there to make your life and the process of selling or buying your home simple! If you are in the Upstate of South Carolina, Enna Salihbasic with La Rosa Realty can help you through your next real estate transaction!
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