Real Estate Dealings: Who Is Who?

There are different stakeholders involved in any real estate transaction. Each of them have their own specific role to play. The titles can be interchangeable for some consumers that are skilled in more than one field of real estate business. To help you to know who to talk to on each stage of a real estate tranaction we have compiled a list of the main players likely to be involved and what role they play.

#1. Real Estate Agent

A real estate agent can be defined as any person who is licensed to work as a sales person, a broker or an associate broker. They have to be qualified to get a real estate license and then usually regulated by a professional real estate association.

#2. Real Estate Salesperson

This is another name for a real estate agent.

#3. Real Estate Broker

The difference between real estate brokers and real estate agents is that agents have to work for a licensed broker whearas a licensed broker can work independently.

#4. Real Estate Associate Broker

This is a real estate agent who is en route to becoming a licensed broker. After obtaining their license to work as a broker, most choose to work under the supervision of a broker.

#5. Realtor

The title of a realtors is given to a qualified real estate agent that is a bonafide member of the National Association of REALTORS® – The National Association of REALTORS® which is the regulatory body for realtors.

Realtors are like the liason between all parties involved in the real estate transaction, they help arrange stagers, finding and reccomending agents, providing resarch about the neighborhood, organise open houses, create flyers and promotional materials, etc.

#6. Home Inspectors

Home Inspectors are professionals that check and look out for problems people with ordinary knowledge of buildings will not be able to find. They inspect the foundation of a building, drainage sytems, the structure, roofing etc they basically make an assesmnt of the physical condition of the building and produce what is called a home inspection report.

#7. Real Estate Lawyer

Employing the services of a real estate lawyer is often not seen as a necessary expense untill a legal issue rises, however most of the time, having them on board will avoid these issues in the first place. What a real estate lawyer can do for you includes helping you to understand, the purchase agreement, examine any charges on the property such as easements or covenants. They can walk you through registration and the preparation of all legal documents involved, arrange insurance coverage, prepare the deed if you are selling your property and many more.