Who’s Involved in the Buying and Selling of a Home?
From inspectors to appraisers, realtors to closing agents, find out who does what and when in the home buying process.
Table 7-1: Who’s Involved in Home Buying and Selling?
Loan officer A financial professional who will determine approximately how much money you’ll be able to borrow for a mortgage loan. Mortgage lender The business person or financial institution that provides the money you’ll use to purchase your new home. Mortgage broker An individual or organization that brings together mortgage lenders and borrowers. Loan servicer An organization that handles the day-to-day management (i.e., collecting, billing, and record keeping) of your loan. Real estate agents, brokers & Realtors Trained professionals who are licensed to negotiate the sale and purchase of real estate. Home seller The property owner who puts a home up for sale. Home inspector An individual who provides a trained, professional opinion of the physical condition of a home and its components and systems. Home appraiser An individual who provides a trained, professional opinion of the market value of a home. Insurance agent A financial professional who provides protection against the risk of monetary loss. Title company A company that examines public records to determine that rights to a property can legally be transferred from one owner to another.
Please note that in some of the different legal documents that are part of the purchasing process, you may be referred to as the Grantee, or the Mortgagor. The home seller may be referred to as the Grantor, and your mortgage lender may be called the Mortgagee. Although the names may be different, the roles remain the same in each case.