Who Are the Key Players in a Real Estate Transaction?

If you’re a first-time residential buyer, you’ll want to know who is involved in a real estate transaction. It’s not just the buyer and the seller.  

As the buyer, you should know who participates in your real estate transaction process. So here’s a checklist for real estate transactions:

• Whether you’re doing this online first, checking out model homes, or attending open houses, your Lang Realty agent will help you find properties for sale in your chosen locations with the features and amenities you prioritized.

• Your real estate agent is your liaison with the seller.

• Your mortgage lender will have specific requirements, such as a property appraiser to ensure every system is in working order and there are no “surprises” like a leaky roof. Be prepared to pay for the appraisal your lender requires.

• Your Lang Realty agent works with a title company to do a search and make sure the property is free and clear of any encumbrances, such as liens, taxes owed or an ex-spouse whose name is still on the deed. This is done after the seller has accepted your offer but before the “closing,” when the property legally changes hands from the seller to the buyer.

• Here’s who you can expect at a closing, but not always. Your Lang Realty agent will know who is likely to show, including you: The buyer and seller; yours and the seller’s real estate agents; attorneys for either or both; a title company representative; the lender’s representative.

If you’re looking for an investment property and/or commercial real estate, Lang Realty handles those types of real estate transactions, too.