Are you in the middle of jumping feet first into the real estate market? Purchasing a home might seem intimidating at first – but if you have the perfect team behind you, you’ll be set for smooth sailing!
If you’re a first-time homebuyer, there will probably be some confusion as to who is who and what is what – but set aside your worries, because Alliance Title is here to help you sort out your transaction team.
Who you’ll be working with
Lender or Mortgage Broker – If you plan on receiving a mortgage loan, working with a lender or mortgage broker is your first step in buying a home. What’s the difference between the two, you ask? Well, a lender is a financial institution that makes loans directly to you. A mortgage broker does not lend money, but actually finds a lender for you.
REALTOR® or Real Estate Agent – A REALTOR® is a real estate agent who is a member of the National Association of REALTORS®, which means that he or she must uphold the standards of the association and its code of ethics.
A Listing Agent is the one who ‘lists’ the property for sale. They represent the seller and aid in marketing the sale of the home.
The Selling Agent (or Buyer’s Agent) is the one who works with the buyer. They assist in locating a home to purchase.
Title Officer – These officers complete thorough research of recorded documents to help eliminate any possible hidden risks that can terminate the validity of the title ownership. They will also issue the title insurance policy when the transaction closes.
Escrow Officer – This officer acts as a neutral third party during your sale, purchase, or refinance. They will monitor the transaction, prepare closing documents, coordinate the closing, disburse the funds, and more.
So gather round the new family dinner table – you’ll have a great team backing you up as you complete an exciting time in your life – purchasing a home.
Stay in touch with updated real estate and title news by checking out with Alliance’s blog.