REAL ESTATE BASICS
Who Does What in a Real Estate Transaction?
Know whom to ask. These are typical roles; services and responsibilities depend on agreements, licensing, and jurisdiction.
Last reviewed:01
Buyer
Identifies priorities, reviews information, makes decisions, and meets agreed obligations. Ask: what do I need to review and by when?
02
Seller
Provides applicable property information and carries out agreed sale obligations. Ask: which records and disclosure questions should I prepare?
03
Real estate agent
Helps with assigned search, marketing, negotiation, or coordination services under the representation agreement. Ask: which services and communication are included?
04
Real estate broker
Holds the brokerage role and supervises licensed activities as applicable. Ask: who is the responsible broker and how do I raise a concern?
05
Mortgage lender
Evaluates financing and provides loan disclosures and conditions. Ask: what remains before approval and what costs can change?
06
Escrow officer
Coordinates assigned escrow tasks and follows written instructions. Ask: how do I verify documents and payment instructions?
07
Title company
Provides title-related work and insurance services as engaged. Ask: what items affect ownership and what does a policy exclude?
08
Home inspector
Evaluates accessible condition within the agreed scope. Ask: what was not inspected and what needs specialist review?
09
Appraiser
Develops an opinion of value for the assignment. Ask the appropriate party how to address factual questions or a value difference.
10
Insurance professional
Explains available coverage, exclusions, cost, and policy requirements. Ask: what risks and gaps need separate attention?
11
Attorney or tax professional
Provides qualified legal or tax guidance when needed. Ask about property-specific rights, documents, reporting, and consequences rather than relying on a general guide.
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