Real estate transactions are not solo affairs. In fact, many individuals and groups are responsible for completing them legally and to professional standards so you don’t experience problems later on. Here are some of the professionals on your OC real estate team.
Real Estate Agent
Real estate agents represent you in the buying and selling process while handling most of the paperwork for you and dealing with many of the other people on your team. They will negotiate on your behalf in exchange for a commission. You won’t need an agent when buying one of our properties because our sales team offers you the best prices possible and takes care of seeing the process through. However, if you’re selling an older home, you will need an agent to represent you on that side of the transaction.
The lender, which may be a financial institution or mortgage broker who works with several companies, gives you the money to buy the home by arranging for loans that typically last 30 years. It’s generally a good idea to pre-qualify with a lender before you start the house hunt, so you know how much house you can afford.
The escrow company is a neutral third party that takes charge of any deposits or deeds and does not transfer them to the parties involved until all the instructions in the contract are met. “Going into escrow” refers to a period of time in which the company holds the fees while the real estate transaction is verified. This protects both buyer and seller. The company is normally specified by the real estate agent. Buyers and sellers typically pay their own escrow fees, which will be the case when you sell your own home. When you buy from us, those fees and the escrow company will be folded into the sales contract.
Title Insurance Company
Title insurance protects you if any problems arise regarding ownership of the home. This is more of an issue when you sell your older home and involves researching property records to ensure there are no clerical errors, that you own the property, and are free to sell it. With new homes, the insurance protects you and us, if anyone challenges your ownership of your home. Title insurance is something that we, or your real estate agent, takes care of.
You won’t have to worry about these pests in any of our developments but a buyer of your old home can ask for a termite inspection and demand treatment until a clear termite report can be issued for the property. As the seller, you or your agent are responsible for termite abatement if the buyer requests it.
Before you take possession of one of our new homes, you and one of our reps go on a walk-through of its exterior and interior to ensure that everything is up to par. If you discover any issues, our agent notes them and gets them fixed. In addition, our workmanship is guaranteed for a period of time so you can call for any repairs after you move in.
With the older home that you’re selling, buyers will typically pay for an inspection of your property to uncover any problems. They will typically choose their own home inspector who delivers a written report. If he discovers any issues, the buyer will either specify that you have them fixed before close of escrow or ask for an adjustment in the sales price to cover the cost of repair.
If you need more information about who is involved in real estate transactions or want to start a transaction of your own with one of our homes, please contact us.