February 20, 2013 — Ever wonder how many people are involved in the buying and selling of a residential property? Less than 20 years ago, a home could be bought with basically a two-page contract. Now consumer-mandated seller's disclosures, environmental and structural reports, and other legal documents have made home transfer complex.

The typical sale of a home today involves more than 20 steps and more than 100 different people with different skills and expertise working towards making sure that the buying and selling transaction goes smoothly, on schedule and conforming to the legal requirements.

Some of the key people involved in a real estate transaction are:

Appraiser:
An appraisal is an objective, impartial opinion of property value in the market place as of a specific point in time. An appraisal protects both real estate buyers and lenders.

County Recorder and Auditor:
To establish your clear title to the property, the deed and mortgage must be filed and recorded in the Recorder's office of the county where the property is located. The Auditor's office provides information regarding the taxable value of a home and real estate property taxes.

Home Inspector:
A professional inspector determines the condition of all mechanical and structural aspects of a home. The inspection is a summary of the property's condition and may point out areas that need repair and/or areas that may need attention in the future.

Home Insurer:
Owners and buyers can purchase various types of insurance: hazard, private mortgage and earthquake. The policies guarantee compensation for specific losses.

Home Stager:
One of the goals of a home stager is to broaden the appeal of the home and maximize the home to it's greatest potential. They are specially trained to use furnishings and accessories to focus in on and call attention to the home's best features. These features will most likely attract the interest of a potential buyer, which in turn has proven to mean faster sales.

Mortgage Lender:
A company that provides home loans using its own money. The lender will also describe the terms of the loan and determines the monthly payments. Mortgage lenders offer many different types of mortgage products to fit the financial situation of the buyer. Examples are banks, saving and loans and mortgage bankers.

Mortgage Underwriter:
This individual evaluates a loan application to determine if it meets the lender's standards.

Movers:
Provides a service to consumers that can include packing and boxing items to transporting household items to another home.

Surveyor:
A licensed surveyor will provide a precise measurement of a piece of property if actual pin survey is required. In most transfers you will hear the term "ALTA survey" which does a general over view of property lines for encroachments and a drawing of the structures on the lot, but is not a pin survey.

Title Insurer:
Title insurance is used to protect the buyer and lender against losses arising from disputes over the ownership of a property.
At the center of all the activity is your REALTOR who is a highly trained professional skilled in handling your real estate transaction.

In Lorain County we are very fortunate to have many good companies supporting the real estate industry. You can find a complete listing of Lorain County real estate industry associates at www.MyNewCommunity.net and www.LoCAR.org.

The is one of more than 1,200 local boards and associations of REALTORS nationwide that comprise the National Association of REALTORS. The National Association of REALTORS, "The Voice for Real Estate," is America's largest trade association, representing more than one million members involved in all aspects of the residential and commercial real estate industries.

The Lorain County Association of REALTORS offers a website that provides a complete listing of REALTOR real estate brokerages in Lorain County, contact information for REALTOR members, and industry associates. If you are a first time homebuyer or a repeat buyer consider www.MyNewCommunity.net or www.LoCAR.org as a good source for Lorain County REALTOR information.

REALTOR is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS and subscribe to its strict Code of Ethics. Not all real estate sales agents are REALTORS. All REALTORS are members of NAR along with their State and Local Associations.