Roles in A Real Estate Transaction

Written by Rasheedat Oduola on . Posted in Mortgage Economy and Market, Mortgage Services and Providers

Who plays what role in the purchase or sale of a property. What role does the real estate agent, the real estate broker or even the real estate attorney play. Each individual role is different and they do not overlap in any form or shape.

The real estate agent for example is a more like a sales person as they are usually working for a commission. They are a very good resource for both sellers and buyers in or outside the country as they help buyers to find the exact match for their homes in terms of location and price. They have direct communication with the buyers with regards to the exact property they are looking for and are always on the lookout until they find the appropriate property. The real estate agent is usually supervised by a broker.

The broker on the other hand is more like the real estate agent only that they have acquired more educational and license and as such they can work alone and have agents working under them. Brokers usually do not work directly with clients, the agent does but the commission got by the agent is paid to the broker who in turn gives it to the agent that was responsible for the sale of the property.

Another party that plays an important role is the attorney. Buyers often refuse to use their services because of their fees but it is advisable to involve a real estate attorney. An attorney is responsible for pointing out the details of a contract before it is signed. The attorney will also investigate the property’s owner background, survey, legal description etc. They ensure the buyer fully understands the terms of the contract and that proper title insurance is available. An attorney will ask the buyer not to close on the property if there is an issue affecting the ownership of such property.

Should you require full disclosure on a property, you might also want to consider the real estate attorney as they give unbiased judgment on a property because they get paid whether or not the deal closes unlike the real estate broker who only gets paid if the deal closes.

So, you might just want to consider that real estate attorney as it is always worth it.

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