There is more to the Real Estate Industry than Listing and Showing Properties

KImberley Guelker, 2008 President, Lorain County Association of REALTORS®

Ever wonder how many people are involved in the buying and selling of a residential property? Less than 15 years ago, a home could be bought with basically a two-page contract. Now consumer-mandated seller's disclosures, environmental and structural reports, and other legal documents have made home transfer complex.

The typical sale of a home today involves more than 20 steps and more than 100 different people with different skills and expertise working towards making sure that the buying and selling transaction goes smoothly, on schedule and conforming to the legal requirements.

Some of the key people involved in a real estate transaction are:

Title Insurer:
Title insurance is used to protect the buyer and lender against losses arising from disputes over the ownership of a property.

Mortgage Lender:
A company that provides home loans using its own money. The lender will also describe the terms of the loan and determines the monthly payments. Mortgage lenders offer many different types of mortgage products to fit the financial situation of the buyer.

Appraiser:
An appraisal is an objective, impartial opinion of property value in the market place as of a specific point in time. An appraisal protects both real estate buyers and lenders.

Mortgage Underwriter:
This individual evaluates a loan application to determine if it meets the lender's standards.

Home Inspector:
A professional inspector determines the condition of all mechanical and structural aspects of a home. The inspection is a summary of the property's condition and may point out areas that need repair and/or areas that may need attention in the future.

Surveyor:
A licensed surveyor will provide a precise measurement of a piece of property.

Home Insurer:
Owners and buyers can purchase various types of insurance: hazard, private mortgage and earthquake. The policies guarantee compensation for specific losses.

Home Stager:
One of the goals of a home stager is to broaden the appeal of the home and maximize the home to it's greatest potential. They are specially trained to use furnishings and accessories to focus in on and call attention to the home's best features. These features will most likely attract the interest of a potential buyer, which in turn has proven to mean faster sales.

Movers:
Provides a service to consumers that can include packing and boxing items to transporting household items to another home.

County Recorder and Auditor:
To establish your clear title to the property, the deed and mortgage must be filed and recorded in the Recorder's office of the county where the property is located. The Auditor's office provides information regarding the taxable value of a home and real estate property taxes.

Newspaper and Magazine Publishers:
Sells advertising space to real estate agents. A source for consumers to locate properties for sale.

At the center of all the activity is your REALTOR® who is a highly trained professional skilled in handling your real estate transaction. In Lorain County we are very fortunate to have many good companies supporting the real estate industry. You can find a complete listing of Lorain County real estate industry associates at www.MyNewCommunity.net and www.LoCAR.org.