In every real estate transaction, there are a lot of moving parts and a lot of people working on the transaction. There is usually about 10 people involved, but can range up to 25 pretty regularly.
This article explains each member of your real estate team and their role within the transaction.
Who all is involved in a Real Estate Transaction?
The seller is the individual or individuals that are selling the property. Typically, this is a single individual or married couple. However, the seller could be a group of individuals, such as a group of siblings who just inherited the property; It could be a bank or other institution; Or it could be an individual who needs 3rd party approval from the bank, such as in a Short Sale situation.
The buyer is the individual, couple, or entity who would like to purchase the property.
The Listing Broker represents the seller and their interests. Often, the listing broker has an assistant or transaction coordinator who assists with paperwork, timelines and coordination.
The Selling Broker represents the buyer and their interests. Often but not always, the selling broker has an assistant or showing agent, who assists by showing properties to buyers, while the Selling Broker takes the lead on contracts and negotiations.
The Mortgage Broker works with the buyer to lend the funds necessary to purchase the property. Often, the Mortgage Broker works in an office with a team to move buyers through the entire underwriting process. Generally, the Mortgage Broker and the Selling Broker work closely to ensure a smooth transaction.
The Escrow Officer is a 3rd party neutral player who handles the funds transfer from buyer to seller & completes all necessary paperwork to close the transaction. Often, the Escrow Officer works in an office with an assistant to help with coordination, paperwork and scheduling.
The Title company is often, but not always, co-located with Escrow. The Title Company provides the preliminary title for Title Review. Title and Escrow work closely to ensure a smooth transaction.
The inspector is a certified professional who will conduct the property inspection and provide a formal write up for the buyer to review and keep for their records/long term planning.
The appraiser represents the interest of the lender, who will ensure the property value is equal to what the buyer would like to pay for it. Their job is to ensure the lender is making a secure loan.
Contractors & Vendors
These are the workers who may be required to repair or replace items on the property. These could include General Contractors, Roofers, HVAC professionals, painters, installers, landscapers, etc.