contract to close
Issue 149 - September 1st, 2023
A SINGLE residential real estate transaction in our country involves over 20 vendors (at least) from beginning to end. We sometimes assume that these transactions are simpler than they truly are and in all reality it is a small miracle to get every single home sold in our country with so many various parties and steps involved along the way.
A never ending maze of items to accomplish to get the deal DONE!
While the exact number and roles of individuals involved can vary depending on the specifics of the transaction and local customs in your area, here are some of the key parties commonly involved:
1. Buyer
2. Seller
3. Buyer's Real Estate Agent
4. Seller's Real Estate Agent
5. Mortgage Lender
6. Real Estate Attorney
7. Home Inspector
8. Appraiser
9. Title Company or Title Attorney
10. Escrow Officer or Closing Agent
11. Insurance Companies
12. Homeowners Association (HOA)
13. County or Municipal Officials
14. Surveyors
15. Contractors and Repair Professionals
16. Notary Public
17. Property Management Companies (if applicable)
18. Photographers and Videographers
19. Staging Professionals
20. Environmental Inspectors
21. Radon Inspectors
22. Termite Inspectors
23. Mold Inspectors
24. Septic Inspectors
25. Well Water Inspectors
26. Pest Control Professionals
27. Contractors and Tradespeople (e.g., electricians, plumbers, roofers, HVAC technicians)
This extended list includes various professionals who may play a role in different aspects of a real estate transaction, from marketing the property and conducting inspections to addressing specific concerns related to the property's condition and compliance with regulations.
Keep in mind that not all transactions will involve every individual or professional on this list, and the level of involvement can vary based on the circumstances of the transaction.