Any Real Estate transaction is like a three legged stool
First, there is the Mortgage Specialist/Broker. This person helps the Buyer actualize what the Buyer can afford and advises the Seller about the profit potential and possible future investments resulting from the sale of the property. Any Real Estate transaction should begin with each party consulting with their respective mortgage professional. A word of advice here: there is such a wide variety of various products, mortgage advisors/specialists and brokers available that it may very well be to a Buyer’s advantage to obtain advice from more than one of these professionals. Most Realtors® have a number of such people to whom they can refer Buyers.
Second is the Real Estate Broker or Sales Rep. S/he will help the Buyer locate a suitable property and shepherd the Buyer through the purchase process. Similarly, the Realtor® will help the Seller to find a Buyer for the Seller’s property, guide the Seller through the process and perhaps help the Seller to re-invest the proceeds in another Real Estate property.
Third is the Solicitor (Lawyer). Among other things, this person will ensure that the owner of the property has the right to sell that property. The Solicitor will also check for outstanding work orders for which a Buyer might be liable after purchase. The Solicitor will also check for minor variances, rights of way and easements which might interfere with the Buyer’s present and future enjoyment of the property. The Solicitor will draw up the legal Transfer of Title and arrange the disbursements to the various recipients. Again, your Realtor® can help you to locate several Solicitors from whom to make an informed selection.
Of course, there are many other people who may come into play when buying or selling a property. Insurance professionals, Home Inspectors and Property Appraisers often have their important functions to fulfill when a property is bought or sold. However, the main professionals with whom a Buyer and Seller will come into contact are Realtors®, Mortgage professionals and Solicitors.
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Of course, I’d also appreciate any comments or questions on what I’ve written over the past few weeks. I look forward to hearing from you!!