By Kathy Henne
Contibuting columnist
You wouldn’t choose a surgeon to diagnose your car’s engine. Nor would you ask your accountant for a physical exam. Every professional specializes in a different field of knowledge.
Buying or selling a home requires the services of several professionals. The first will be your lender who will determine the amount you are qualified to borrow to purchase a home. They will explain the different loan programs, the amount of the monthly payments and the amount of down payment you will need. You may have good credit and qualify for a loan with a low down payment.
If you are selling a home that you have used as a rental or if you’ve used an area of your home for business, you may need to consult with your accountant who can explain the tax implications of the sale. You may be subject to capital gains tax.
The attorney also plays an important role in the transaction. They will research the title to the property you are purchasing, uncover any possible flaws in the title, and assure you are receiving a good and marketable title. They will also prepare the deed transferring the property from the seller to the new buyer.
You may also need a surveyor because your mortgage lender may require a physical survey of a property’s boundaries. Licensed surveyors ensure that you receive title to the exact property for which you contracted.
The title company collects all the figures needed for the closing and submits them to the lender for approval. They will get the amounts needed to pay off the sellers’ loans on the property, calculate the proration of taxes, and organize all the other figures needed for the closing statement. The title company calculates the amount the buyer needs for the closing and the amount the seller will receive. Usually these amounts are also reviewed by your real estate agent.
Your real estate agent acts as the marketing agent for the sellers, developing strategies to identify and attract qualified buyers for the property.
For buyers, real estate agents provide a variety of services: suggesting lenders, researching available homes, setting appointments for showings and giving the buyer guidance on making offers on properties. Once a property is under contract, they oversee the closing activities and coordinate the roles of the other professionals involved.
Real estate agents will not give you legal or accounting advice, nor will they survey your property, but they will provide a wide range of services to help you buy or sell real estate. Give your experienced, local agent a call and get started in your quest for a new home.
Contact the Kathy Henne Team Re/MAX by calling 937-778-3961
