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The real estate business is not simple rsspect.org It is not like buying or selling a piece of item and when you have paid or have been paid, the transaction is completed ambafrance-kwt.org The real estate process is more than just buying and/or selling a piece of property acrnally.com Different roles are involved akvirtualtours.com Documents need to be prepared aregrayline.com Terms and jargons have to be understood audiorommet.com Negotiations have to be done and people have to wait before the deal can be officially closed. Understanding the real estate industry requires understanding of the people or entities involved and their specific roles bandonoregonproperty.com There are agents, brokers, lenders, inspectors and lawyers. A real estate agent serves as the mediator between the buyer and the seller. A buyer can contact an agent to help in finding the house according to the buyer's criteria and with the lowest possible price. Similarly, a seller will need the service in finding a buyer for the property at the highest price possible. The agent facilitates the meeting between a buyer and seller and mediates in the negotiation process protecting the interest of his client, whether it is the buyer or the seller. When the transaction is completed, the agent gets a percentage of the total home value. The commission can vary from one client to another and can be based on the results of the negotiation. A broker, on the other hand facilitates access of investors to owners of properties that are for sale. Investors are people who would want to gain profit by buying properties and have them developed, improved or sold as is, depending on the nature and condition of the property. When the price has been agreed upon by both parties the transaction proceeds with the role of a real estate lawyer entering the picture. The lawyer is responsible for determining the appropriate terms of payment based on the buyer's financial capacity and some additional information. Most states require the presence of a lawyer during the closing process. However, states that do not require this allow the agents to complete the process and close the transaction by themselves with all the requirements satisfied. During the process, a background or credit check will be conducted by the lender to ascertain the capability of the borrower to pay the amount loaned. Also, on the buyer's side, sometimes the services of a home inspector will be needed to determine the level of repair and improvements needed in the property. This also allows the buyer to know the possible risks that a property has by checking on the electrical connections, foundation, construction, plumbing and other areas as needed. When all the above have been completed the papers are processed and are submitted to the lender. This requires people to wait for the lender's decision. If the application is approved, the parties can sign the documents. Otherwise, other options will then be considered to push through with the sale. There are still other information that you need to know to understand the real estate industry and process as a whole. There are different laws and regulations that you have to be familiar with. All of these jargon and details can be learned in formal classes. However, you just learned a brief overview of the roles of people involved in the business.
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