The 8 Key Steps to Homeownership
Step 2 - Begin Building Your Team > Other Players
Give me a brief description of the other players involved.
1. Appraiser: A professional who conducts an analysis of the property including references to sales of comparable properties in order to develop an estimate of the value of the property. They are a neutral 3rd party hired by the bank.
2. Escrow Company: An Escrow Company is a neutral 3rd party hired by both the Buyer & Seller to assure that all agreements in your Purchase & Sale Contract are fulfilled on. They will also prepare the legal documents to transfer ownership and notarize your signature when you sign your loan documents. They will hold and then transfer to the correct party all monies involved in the transaction.
3. Home Inspector: A licensed professional hired by the Buyer to review the physical condition of the property. The inspection should include an evaluation of the plumbing, heating, electrical system, roof, foundation, crawl space and interior & exterior of the property.
4. Sellers Agent: this is the Real Estate Agent who represents the Seller. By law they are required to act in the best interest of the Most often there are 2 Agents involved in every transaction. One Real Estate Agent who represents you as the Buyer and a second Agent who represents the Seller.
5. Title company: As the Buyer, you will be required to provide a Title Insurance policy to your Lender, the Seller will provide a Title Insurance policy for you. The same company will provide both policies. Essentially, a Title policy insures you against any loss of your interest in the property because of legal problems with the title.