Who Does What?
Return to "Buying
a Home" or "Selling
a Home" Lender and/or Mortgage Broker
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Defines loan amount for borrower
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Qualifies borrower
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Orders appraisal on subject property
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Submit borrower's information to underwriter for approval
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Orders loan documents to be sent to escrow for borrowers' signature
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Documents returned to underwriter for final inspection (correct signatures/dates)
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Funds (loan amount) ordered sent to escrow trust account for agreed to disbursement by escrow
officer
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Escrow records documents from seller to buyer's name and Deeds of Trust for
Lender
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Escrow usually takes 30-60 days of which 3 weeks is the average loan process
time at this time
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Escrow Officer
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Coordinates all principals of purchase and sales contract
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Orders preliminary Title Report on subject property to confirm legal information on subject property, owners of record, current taxes, deed/lien information and CC&R's of
record
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Makes certain that all "conditions" are met as per instructions, agreed to by Buyer and
Seller
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Coordinates all information between both agents, title department, lender and inspectors, etc.
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Gathers all documentation regarding new and old loans, inspection reports, repairs and title requirements, etc.
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Arranges for buyer and seller to sign all Escrow and Title papers
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Record all documents required to transfer title from seller to buyer including a Grant Deed, Deed of Reconveyance and Trust
Deeds
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Disburses all funds necessary for old loan payoff, inspections, demands of payments for repairs, etc.
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Arranges for seller to receive proceeds of sale
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Buyers Agent
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Represents buyer with purchase of property, loan and escrow process
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Helps buyer locate lender who tells buyer the price of property they qualify to
buy
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Helps buyer find suitable property
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Advises buyer and helps negotiate the price and term through sellers agent
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Verifies all property information from Preliminary Title Reports, liens, title, legal description, restrictions, easements, etc.
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Coordinates all information between buyer, lender, escrow, inspections and other
agent
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Guides buyer through process, loan, required insurance, escrow and closing
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Takes buyer on "walk through" inspection of property to note any problems that need to addressed during escrow
period
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Arranges to meet with any inspectors or property (with or without buyer present)
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Usually accompanies buyer to escrow for loan and escrow signing
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Delivers all keys to property after the property records from seller to
buyer
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Sellers Agent
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Represents seller of property |
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Orders property profile from title company to determine ownership, liens, legal description, square footage, bedrooms, baths, roof, heat/air, or special amenities such as a pool, workshop, etc. |
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Does market research and tells seller the market value of property from recent
sales |
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Lists property on Multiple Listing Service, reaching almost every
RealtorŪ in the community |
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Markets to RealtorsŪ, advertises, holds open houses, introduces to Multiple Listing
Service |
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Oversees necessary repairs of property and maintenance during listing period |
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Negotiates price and terms of purchase contract with buyers agent on behalf of the
seller |
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Opens escrow with the title company |
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Coordinates and disseminates information between buyers' agent, seller, escrow, property inspections and any other involved in
sale |
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Oversees inspections and any other repairs agreed to in contract |
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Usually meets with seller to sign escrow/loan documents |
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Arranges pickup and deliver all keys to property and
instructional information on any equipment, warranties, etc.
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