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  • Writer's pictureRuthie Grainger

Who exactly is involved in a real estate transaction?

While some parties are obvious in a real estate transaction, there are more people who are involved than one might think. First off, you have the buyers and sellers, second your agents/brokers. Then you might have a lender, who would also have a loan officer, loan processor and underwriting department (to name a few supporting parties). Next, there would be home inspectors, with whom may include repair professionals, radon mitigators, and HVAC serving professionals. In addition, you have attorneys involved depending on where you live and/or the situations that may arise. Title companies are important to note as well. You could also have surveyors and county departments like building and code enforcement.

Your agent and the other side of the transactions' agent will do most of the communicating on your behalf. So, do not be surprised if your agent contacts you with what might seem like a strange request or question. If you have a lender be prepared for conversations with them as well as your agent. A good agent makes sure all parties are on the same page. Lenders have many people who help them out, so you might end up communicating with more than one person for your loan. Do not be surprised. They are all there to help you and make sure things go smoothly.

After a property has gone under contract you will have the option to do a home inspection. This is the buyer’s duty and responsibility. It is critical that the buyer has an inspector they trust and is going to check the major components of the home. Title companies handle many closings here in Colorado. They handle the paperwork and make sure loan documents are ready to be signed, if needed. They handle a lot of the filing of the deeds and other documents for you. They can hold the money in escrow until closing and are an impartial third party.

A real estate transaction is made up of many moving parts and the best laid plans sometimes hit a snag or two. Having a team working for you to ensure that your transaction is a success is important. Do not be afraid to ask your agent questions about the process.

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