Who is Involved in a Real Estate Transaction?

There are a variety of essential players in a real estate transaction. Before property can effectively go from one owner to the next, a whole team of people play their role to help ensure a smooth and timely transaction. However, many people don’t know just how many people are involved, and what exactly their role is in the transaction as a whole.


We have detailed some of the essential workers who will handle both the front and back end of your real estate transaction, and how they can help you when buying or selling a home.


Real estate agent

The real estate agent is one of the most familiar aspects of a real estate transaction, as they tend to be the face of each side. In most transactions, the buyer and the seller will be represented by different real estate agents, each dedicated to fight to get their client the best deal.

  • Selling Agent: The selling agent represents the buyer, and they are typically responsible for helping the buyer find and secure the right home. They will recommend homes to the buyer based on buyer preferences- including location, size, price, and any other specifications that the buyer is looking for. Once the buyer finds a home they are interested in, this agent is responsible for scheduling a showing for the buyer and moving forward with the offer if the buyer is still interested after the showing
  • Listing Agent: The listing agent represents the seller. On the forefront of the transaction, the listing agent is responsible for marketing the home. They run an analysis of the area and help the seller decide on a practical price. They then work to promote to home to try and get it sold.


Lender

In most cases, when people purchase a new home, they will be taking out a mortgage loan to do so, and this will require a lender. The lender is the person in the real estate transaction that provides the money upfront for the buyer to pay off gradually over a set period of time.


Broker

A broker acts as the middleman between buyer and lender. They will typically shop on behalf of the buyer in order to secure the best loan for the buyer’s unique situation.


The Inspector

In most cases, a buyer will not want to finalize the sale before inspection. The inspector is a professional trained to look the house over from foundation to roof to determine if there are any significant fixes that need to be made in the near future. In many cases, problems that appear in the inspection can be negotiated in the contract.


Attorney

In most cases, both sides of the transaction will be represented by an attorney.

  • Buyer’s Attorney: The buyer’s attorney is there to ensure that the buyer gets the best deal possible and that the contract is being honored. They also look over the contract before anything is signed to ensure that there are no additional surprises or fees that a buyer will get stuck with upon closing.
  • Seller’s Attorney: The seller’s attorney keeps the seller’s best interest at the forefront of the legal aspects of the transaction. They will work diligently to help ensure that the seller is getting the fairest deal out of the transaction, and that they will not come upon closing owing surprise fees or dues. They will also help to ensure that the buyer holds onto their end of the contract in any essential details.


If you are looking to buy or sell a home, you will find that each of these roles is essential to the overall process, as each role assists the others to get the transaction completed. Whether you want to buy a home, sell a home, or both, it is important that you have an experienced real estate attorney on your side to advocate for your best interests. If you are looking for a real estate attorney in the Chicagoland area, contact Gurney Law Group today. Our team will fight to ensure that you get the absolute most out of your next real estate transaction.

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