Participants In The Homebuying Process
Below we have listed the participants in the homebuying process. Remember, depending on the method you choose to buy your home, that you may not necessarily use everyone listed.
- Lender - The bank/mortgage company which provides the funds for the purchase of a home.
- Buyer - A person purchasing a home. The buyer may search for a home with or without the help of a Real Estate Agent (a Buyer's Agent).
- Seller - A person selling a home. The seller usually works closely with a Real Estate Agent to sell his/her home.
- Real Estate Agent - There are two types of Real Estate Agents: Selling Agent - A person who earns a commission on the sale of a home from the seller. Buyer's Agent - A person who earns a commission on the purchase of a home. Either Real Estate Agent may be a certified Realtor or a lawyer specializing in Real Estate.
- Home Inspector - A Real Estate professional who inspects a home prior to settlement day. The final result of a home inspection is a report detailing the condition of the house.
- Home Appraiser - A Real Estate professional who sets a dollar value for a home's worth, using standard appraisal criteria. The appraisal is one of the important documents required at closing.
