The 3 most important people in your real estate transaction
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A million things can go awry during any real estate transaction. These are the people who keep it on track so you can Close on time.
Transcript of The 3 most important people in your real estate transaction
The 3 Most Important People In Your Real Estate Transaction
by Maria Morton
Contact: www.MariaMorton.com blog
816-560-3758 call or [email protected] email
What can go wrong in a real estate transaction?
A million little things can and do go sideways during every transaction. These are the people who straighten it out and keep it on track to Close.
The 3 Most Important People In Your Real Estate Transaction by Maria Morton
Your family and friends are important in your life but these are the people who make it possible for you to buy and sell your home or other real property*:
Your Real Estate AgentYour Loan OfficerThe Closer at the Title Company
*Applicable in Kansas and Missouri. Other states may have different procedures. For instance, in some states an attorney assumes the responsibilities handled by title companies in our area.
The 3 Most Important People In Your Real Estate Transaction by Maria Morton
The Closer
Is responsible for recording the change in title at the County Recorder’s office and disbursing funds after all documents have been duly signed and notarized.
You usually only see the Closer although you may speak withassistants on the phone or in emails. There are multiple peopleworking on your file at the title company that you never see or knowof. Title Companies have escrow accounts set up and systems in placeto expedite each transaction. They maintain relationships with peoplewho are normally involved in real property transactions.
Title Companies carry insurance and employees are licensed, bonded,and insured as required by law.
If your Closing takes longer than an hour, something is amiss.
The 3 Most Important People In Your Real Estate Transaction by Maria Morton
Your Loan Officer
If you are paying all cash, you do not need a loan officer.
If you are financing part of the purchase using some type ofmortgage, you need to be assured that the funds will be in placewhen you go to your Closing appointment.
The loan officer is responsible for the financing of your mortgage,getting all documents to the Underwriter, and communicatingprogress to you and your real estate agent so that you can close ontime.
My clients almost always use a local lender with a reputation for communicating well and getting their work done in a timely manner so that the funds are in place for Closing. Ask me about the one who did not.
The 3 Most Important People In Your Real Estate Transaction by Maria Morton
Your Real Estate Agent
Once you and an agent agree to work together by entering into an agency agreement, that agent owes you fiduciary duties. Fiduciary duty is seen as the highest standard of care at either equity or law. Duties include treating you with the utmost loyalty and care as well as keeping your confidences.
Your agent is responsible for managing the transaction from Offer toClosing, monitoring and communicating progress, seeing that Title andLender have all needed documents, advising their client with the bestprofessional advice and opinion, and providing their client withinformation and education so that the client is able to make wise decisions.
If you are a seller, your agent is also responsible for marketing andadvertising.
If you are a buyer, you may ask your agent to assist you in locating suitableproperties.
The 3 Most Important People In Your Real Estate Transaction by Maria Morton
Your Real Estate AgentYour Loan OfficerThe Closer at the Title Company
If you choose the right Real Estate Agent, they will help you find the best Loan Officer for your
situation and also recommend an experienced Closer who has a history of conducting smooth
Closings.
The 3 Most Important People In Your Real Estate Transaction by Maria Morton
More information for Buyer Clients may be found at http://www.slideshare.net/MariaTheMagnificent/buyers-guide-2013-
mm717-bhgand
http://activerain.com/blogsview/3718585/home-buyer-tips-and-advice?share_opt=1
More information for Seller Clients may be found at http://www.slideshare.net/MariaTheMagnificent/selling-your-home-
todayand
http://activerain.com/blogsview/3718309/sellers-tips-advice-questions-answered
I had just watched a PBS show about magicians when setting up my slideshareaccount; hence the ‘MariaTheMagnificent’ label.
The 3 Most Important People In Your Real Estate Transaction
by Maria Morton
Contact: www.MariaMorton.com blog
816-560-3758 call or [email protected] email
