Given the large financial transaction that goes into buying a home, other professionals will and should be involved. Here’s an overview of who they are what they do:
A real estate agent is the advisor who not only brings the knowledge and expertise of the real estate market and buying process to the table, but also the ability in assess your needs and to work toward your unique and specific goals and desires. The agent will also represent you in working with the other professionals on this list.
Finding and securing a loan for a home you are about to purchase should take a good amount of research. You might be confronted by a variety of options that may require some insight to go along with the calculations in order to make the right decision. A mortgage broker is someone who is already aware and knowledgeable of the loan options available from a variety of financial institutions and can help you find the one that fits your needs. A mortgage broker will review your financial qualifications and help you plan the best mortgage for your financial future.
Prior to securing a loan, the financial institution may hire the services of an appraiser who will visit the property to evaluate when it is worth the amount being requested. A home buyer might pay for an appraiser to have the evaluation of the property done for themselves. Appraisers are independent third parties who refer to the activity of other properties in the market to determine value.
Unlike the appraiser, a property inspector will look at the property’s major systems and report safety issues, malfunctioning equipment and damage. The property inspector’s evaluation can provide peace of mind in the purchase, and depending on what they find, can also offer an opportunity to negotiate price, request monetary credit or home repairs prior to the purchase, or to create budget for necessary repairs.
The closing agent who is also known as an escrow agent, closing officer or title agent, is a neutral third party who manages the details related to the home-purchase agreement. This participant may be part of a title or escrow company. The goal of the closing agent is to focus on the money related to the transaction and the completion of the transaction.
The closing agent will also:
- Conduct the title search
- Arrange for the title insurance
- Coordinate with the lenders of both buyer and seller to ensure the completion of the money transfer
- Establish an escrow account any deposits required by the buyer and which will be transferred to the seller at closing
- Record the deed transfer from seller to buyer
As the services of a real-estate attorney may be required in some states to create the purchase contract. Any legal issues related to the property or other contracts that may belong to a home in development that need to be reviewed may also be a reason to incorporate a real estate attorney.
A tax professional could help provide guidance on ways to take advantage of tax benefits related to buying a home and an Insurance Agent will be needed to secure the required homeowner’s insurance.