Understanding Real Estate Job Titles

When you buy or sell property, a realtor is probably the first person who comes to mind. But a real estate transaction involves a much larger team. Understanding who they are and what they do will help make the process less stressful and more enjoyable. It’s also important to know who each team member works for when trying to figure out the role they play in your transaction.

Real Estate Agent (Listing/Sellers Agent and Buyers Agent)

A real estate agent is licensed by the state to represent a party or parties in the real estate transaction. Generally the buyer and the seller have their own agents, but occasionally one person represents both. In this case, the buyer and the seller have to sign-off on understanding the ramifications of this sort of representation.

Appraiser

This is an independent person who appraises the worth of the property so the buyer and the lender can be assured of its value.

Home Inspector

This person is hired by the buyer to inspect the property for mechanical and structural issues.

Mortgage Lender

The entity that provides the money for the purchase of the property. While the buyer can “shop” for lenders, the lenders set the terms of the agreement based on credit and risk. The entity could be a bank, credit union, savings and loan, etc.

Mortgage Underwriter

This person qualifies the borrower/buyer based on the lender’s standards.

Loan Officer/Mortgage Loan Originator/Mortgage Broker

This person works for the financial institution/mortgage lender and understands the loan programs available. S/he presents the borrower’s loan options and terms. Using the mortgage underwriter’s information and other data in the loan application, s/he will recommend (or deny) the loan application for approval.

Settlement Agent/Closing Agent/Conveyancer

Most often represents the buyer by ensuring an orderly transfer of title. Sometimes they examine land titles for accuracy.

Insurance Agent

This person works for an insurance company and will help protect the property investment by insuring it against loss. The agent and insurance company are selected by the buyer. A mortgage company will insist upon its property being adequately covered, while it is still owned by the bank. Often the insurance payment comes out of escrow and is calculated into the monthly house payment.

Home Warranty Company

This company could be selected by the seller as an incentive to purchase or by the buyer upon the purchase of the home. It safeguards and extends the warranty for things like appliances and mechanicals in the home for a flat yearly fee.

Title Agent

This person conducts the title searches, obtains title clearance, and presents title insurance policies for the lender and borrower (if applicable). S/he also ensures that all parties fulfill their obligations. This neutral third party compiles the closing documentation.

When it comes to title companies, and title agents, buyers have a choice. Selecting a title company that can process your title efficiently and meticulously is essential in achieving a better closing experience and an on-time closing.

Select a company that makes customer service a top priority for its closing agents. Choose Bay National Title Company for your next closing. Call us at 877-580-2623 to learn more.