When people see the social media posts of clients celebrating closings, naturally they only see the final act of a process that involves a variety of different parties.  I’d like to give you a glimpse of the group effort that is made and parties involved in closing deals.

Let’s break it down. ( My next post will break down each profession further.)

  1. Loan officer- (The Money Man) – this is the banker/broker who will look at your financials and advise you on your buying capabilities, and (possible) payment structure. This person will also be your wizard, shaman, captain, commander in chief and will inform you if there are any issues on your credit that may raise an eyebrow.
  2. Buyer’s Realtor- ( Scout/Hunter ) – this person will be working directly with you in order to understand what you are looking for, and will try to narrow your search and present you properties that fit your criteria. This agent works for YOU and will work to get you the best deal possible.
  3. Buyers attorney- (Defensive Line) – This is the attorney that represents you, and will negotiate the contract of sale with the other side (the seller’s attorney). They will protect your down payment with certain “contingency clauses” in your contract to ensure that you are always in a protected position.
  4. Inspector (Dream Killer) – the inspector will visit to the property and note any major visible physical damage, and basically inform you whether the property is livable and/or will need major updates (I.e., roof replaced, termite damage, etc).
  5. Appraiser ( Reality Checker) – Once you go to contract, the bank will then request an appraisal of the property so they can confirm that the value of the property (at the time of purchase) corresponds or reflects the loan amount. (P.S. Sellers don’t usually like appraisers if their Value comes in low)
  6. Title company- (The Umbrella) – When you purchase a property, you will need to get a title report which will show the history of the property and all previous owners. At this time, you will also need to purchase insurance, so that if there are ever any disputes concerning the sale of the property, you will be fully reimbursed for the transaction
  7. Homeowners insurance agent ( in case it goes left) – You will need to purchase an insurance policy, to make sure if there is any physical damage to the house, you will be protected and reimbursed.
  8. Bank Attorney-  (related to the money man above) – the bank attorney represents the bank. At the time of closing, they hold the responsibility of ensuring that your loan gets funded (basically, that the bank gives you the money).
  9. Sellers Realtor- (Gatekeeper) – This agent represents the seller, and has their best interest in mind. They will try to get the best deal for their client (as it should be).
  10. Sellers attorney- ( Party Starter) – This attorney is responsible for preparing the contracts for the seller and will send out the prepared contracts for signature, once your real estate agent and the seller’s agent have agreed on a price.

Hope this helps clarify to you and illustrates all the parties involved.

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