Key Players in the Home Buying Process
3 Parties Involved in Buying a Home
Real Estate Agent
The real estate agents’ major role is to negotiate on their client’s behalf for terms of a purchase. They are experts on real estate and can advise on inspections and best practices to help your purchase go smoothly.
Mortgage Lender
The lender’s objective is to get you financing on the property. While the lender will send out total cost estimate breakdowns throughout the loan process, keep in mind that the lender ONLY controls any fees they directly charge and the cost/credit for the market’s interest rate (all found in box A of the estimates). All other fees are received from escrow.
Title / Escrow
Title and escrow are two parts that work together jointly. Escrow is the main contact as they are in charge of all the fees and figures for the transaction as well as holding the account that all funds move through such as buyer’s earnest money deposit. No money changes hands between the buyer, seller, lender or agents UNLESS it goes into the escrow account. Title works with escrow to provide any items needed to reflect how the property is recorded with the county and any liens against the property.
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