Who’s Involved in the Home Buying Process?
For many people, buying a home is one of the biggest investments they’ll make in the course of their entire life. Being prepared for it by learning more about the process is key to getting successful results, as home buying is a very complex process, with plenty of legal documents and several parties involved.
Buying a home costs a lot of money and can take up a huge chunk of your time. If some of the people involved are not being honest or are doing a substandard job, you can end up with unfavorable results, not to mention a huge amount of stress and frustration.
Know more about some of the people involved in the home buying process:
Real Estate Agents
Real estate agents are the primary people behind selling homes. They are the ones who advertise and showcase available homes. They can represent either buyers or sellers, and earn their money with each successful deal.
Appraisers and Inspectors
Inspecting a property’s physical condition and estimating its worthareintegral parts of the home buying process. Appraisers and inspectors take a look at the property and assess its value by looking for defects or malfunctions in the home. Steer clear of any lender or agent insisting thatyou use “their” appraiser or inspector.
By performing a topographic survey, surveyors can tell you more about a property’s legal history. They determine property boundaries and create accurate graphical depictions of a portion of real estate. These surveys are an essential part of any real estate transaction, so they need to be accurately represented for each party involved.
A title company verifies a property’s legal status, and is in charge of issuing title insurance. They make sure sellers are legitimate owners of the property, and will tell a buyer in case anyone else has legal claims on the property, which include unpaid taxes or mortgage fees from any of the home’s previous owners. Hiring an independent title company is the right move, as you can avoid being held liable for any unresolved debts. Do not listen to any seller or agent advising you not to involve a title company in a transaction.