The Appraiser, Credit Reporting Agency, Town Building Inspector, Surveyor, Title Examiner, Tax Collector, and more
Have you ever wondered what goes on behind the scenes during a real estate transaction? At Jordan & White, LLC, we’re here to make this complicated process less elusive for first-time home buyers, property sellers, or anyone else involved in a real estate transaction. With over a decade of experience representing property buyers and sellers across Danvers, MA, and the surrounding areas, we constantly see first-hand how many people don’t realize how involved the process is and how much legal support can make it easier.
So, enough with my introduction — let’s return to the matter at hand. Who is involved in a real estate transaction, and how does the process work?
The first person who comes to mind is likely a real estate broker or agent, as they primarily work on the scene. Agents help you find properties in your price range, negotiate offers, and settle the final closing agreement.
Next are listing agents, who work for property sellers rather than buyers. Listing agents help you determine a fair amount of money to list the property for, prepare the house for listing, negotiate offers, handle post-inspection repair requests, and more.
Credit reporting agencies are involved in the mortgage approval process. Equifax, TransUnion, and Experian determine your credit score, impacting your ability to finance properties.
Title examiners ensure the property has no outstanding mortgages or liens before issuing the title insurance policy to protect you and your lender from false ownership claims.
Home appraisers confirm the property’s value before you purchase it. Property surveyors research properties to locate potential title or deed discrepancies. Tax collectors collect property taxes during the title transfer process.
Home inspectors check the property’s condition to help you understand future repair expenses, while town building inspectors ensure the construction aspects of the property meet local codes.
Real estate attorneys, like our team at Jordan & White, LLC, are transaction coordinators who oversee all stages in the real estate transaction process to protect your rights and finances. We can often assume the jobs of other real estate professionals, like the title examiner.
All of these people and organizations work together to bring you from the offer phase to closing.
The closing process begins with the seller’s attorney drafting the purchase and sale agreement (P&S). Next, the buyer’s attorney reviews and makes edits to the document. If any issues arise during the home inspection, your agent or attorney can make negotiations.
Once in agreement, all parties sign the P&S, the appraiser confirms the home’s value, and you conduct a final walkthrough. Your attorney can create a consumer disclosure breaking down all final costs before holding a meeting at our office for the final closing.
I’d be happy to help you through your next real estate transaction. Schedule a consultation on my calendar by clicking the link below, or call Jordan & White, LLC, at (978) 744-2811 to speak with an attorney from our team in Danvers, MA.