Jeff’s Carlsbad Blog for First Time Home Buyers


Selecting Your Transaction Services

Posted in General Information by Jeff Dowler on April 6, 2007

As part of your purchase, there will be some services that you will have as part of the transaction. This will vary depending on the state you are in and the manner in which a real estate purchase is transacted. While your agent will assist you in handling much of the paperwork, others will need to be involved too.

You get to choose the inspector you wish, assuming that you have an inspection (it is strongly recommended that you do so).

You will certainly have a lender involved, unless you are a cash buyer. While you can choose your mortgage broker and the loan program (depending on what you qualify for), once that is done there will be someone assigned to handle your account (it is often the broker you used) as well as some people behind the scenes.

In Massachusetts, for example, the transaction will involve an attorney, who will develop the Purchase and SaleĀ agreement once the offer is agreed on. You can select this person (talk with your agent) to represent your interests. There will also be an attorney that handles the closing for the bank (it can, in some cases, be done by the same attorney with approval from the bank). The process may be similar in other states as well.

Here in California the transaction is coordinated by an Escrow Company, who holds the down-payment and manages the flow of paperwork until the transaction is completed (this is how the process is handled in a number of states). As a buyer, in your offer you can request a certain escrow company to do this, but often the seller is the one who selects this vendor.

A title search is also done to make sure there is a clear title (i.e., the proof of ownership) to be passed on to you. This may be handled by an attorney (e.g., in Massachusetts and other attorney states) or there may be a separate title company that handles all the title work. This is true for California. Again, as a buyer you can request a particular company, but sometimes the seller will prefer to make this selection. You may see it stated in MLS listings that the seller will select the services (both title and escrow) so you know in advance if you may have the opportunity to select the vendor or not.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: