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.

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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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