Real Estate Basics: Who Does What?

Posted on 25 July 2023 Back to News

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When selling or purchasing a property, one often deals with several professionals to assist with the transaction. This can leave one unsure over each professional’s role in the transaction.

Real Estate Agents: 

When selling a property, people often use a real estate agent to assist them with listing the property for sale. An agent can help you determine a reasonable value for the home (the listing price) and will be responsible for the advertising and marketing of your property, including taking photos and preparing the listing. The real estate agent may also provide you with recommendations on how to best prepare and present your home for sale (e.g. decluttering, painting, staging). The real estate agent will review incoming offers with you and will help negotiate the terms of the agreement.

When purchasing a property, a real estate agent can assist by helping you identify the type of home you are looking for, what features you are seeking, and what price range you are looking for. The agent can then review the properties currently listed for sale that meet your criteria and monitor upcoming properties as well. They will help you view the properties, prepare an offer, and negotiate any counteroffers should this occur.

Lawyers: 

If you have used a real estate agent, your first contact with a lawyer is often after you have entered into an Agreement of Purchase and Sale. On a purchase, the lawyer will review the Agreement of Purchase and Sale, conduct all of the necessary searches of title, review the documents to ensure that you are receiving good title to the property, prepare all mortgage and other financing documents, and then meet with you before closing to explain and sign all of the documentation. The lawyer will then look after the closing of the transaction, including receiving the funds from the lender, transferring the funds to the seller’s lawyer, registering the deed, and obtaining the keys or lock box code for you.

On a sale, the lawyer will review the Agreement of Purchase and Sale, request a discharge of your mortgage statement, prepare the required documents for the sale, respond to any issues identified by the purchaser’s lawyer with respect to the title of the property, and then meet with you before closing to explain and sign all of the documentation. The lawyer will then look after the closing of the transaction, including receiving the funds from the purchaser’s lawyer, releasing the deed to them, and providing the sale funds to you.

Bank or Mortgage Broker: 

Your bank or mortgage broker will assist you with the financing of your purchase. This will include reviewing your options regarding how to financially structure your transaction and arrange the necessary mortgage financing.

Insurance Agent: 

Your home insurance provider will need to arrange the appropriate insurance coverage for your purchase, including listing your mortgage company if you are obtaining a mortgage for your purchase. They will also provide required paperwork to your lawyer to ensure that everything is in order for closing.

Contact Us:

 If you have questions about how we can help your real estate transaction, please contact us. 

 

 

This article is current as of July 21, 2023 and is intended for general information purposes only and is not intended to provide legal advice. Readers with concerns about how this affects particular situations or transactions should obtain the independent review and advice of legal counsel.

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