Title / Escrow Company
In real estate transactions, an escrow company is a neutral third party that collects, manages, and distributes all of the funds and loan documents associated with the transaction.
The escrow account referred to during the purchasing and closing process of a new home serves a single purpose —to hold the many documents, funds, and other related material necessary for the closing of a real estate transaction.
On the other hand, a title company is responsible for researching whether there are any current property claims or restrictions on the home you’re purchasing.
They also issue title insurance for that property which protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title.
All the escrow accounts are audited by government agency regularly, therefore it is safe to deposit funds into escrow.
Mortgage Lender
In real estate transactions, a mortgage lender is a financial institution or organization that loans out money for real estate purchases. Once a sales contract is in place, the borrower fills out an application and provides certain financial documentation. In exchange for the loan, they charge interest, which is compounded monthly and paid over the entire length of the loan.
The lenders can be institutional groups such as banks, or private group such corporation, or individual. If you borrow from individual lender, the interest rate is much higher and the term is much shorter. However, individual lenders don’t look into the credit scores or documents as carefully as bank lenders.
Here is the Mortgage Calculator
There are so many programs available to meet your conditions, including foreigners. Talk to your loan brokers, they will be very happy to provide more information to you.
Buyers
In real estate transactions, the buyer is one of the parties involved in the transaction. It takes time to search, to look and to make final decision. Sometimes, it takes few weeks, sometimes, it takes few months. It is the most important decision to make in most people’s life. Homes do not need to be big, but have to make families feel comfortable and meet the needs. Buying house is a big investment of money and life style.
Buyer’s Agent
The role of a buyer’s agent is to act as the homebuyer’s guide on their real estate journey. Their primary responsibility is to help house-hunters find the homes that best suits their needs; and of course, help buyers to negotiate with the sellers. Buyer’s Agent gets paid by commission which can be from buyer or from the split of seller’s agent commission. Either way, it will be in writings signed by both parties.
Buyer’s Inspection
The importance of buyer’s inspections and investigations is beyond saying.
Sellers
In real estate transactions, the seller is the legal owner of the subject property that is listed for sale. Most sellers hire Real Estate agents to prepare and manage the selling process. At times, the homeowners may decide to sell the properties themselves; in which case, the property is advertised as “For Sale by the Owner”
Seller’s Agent
A seller’s agent is a real estate professional (a Realtor, a real estate agent or a real estate broker) who helps prepare and list a property for sale (the latter being the reason they’re also known as listing agents). They represent the person selling a property and must work in their best interests. Seller’s agents handle many tasks involved with selling a home, including helping you analyze the market to figure out if it is a good time to sell, giving you advice for maximizing your home’s value, and negotiating with buyers1.
Seller’s Disclosures
Sellers, to avoid possible law sues, disclose everything you know about the houses.
