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| :: Learn step-by-step home buying process with Kellson Team. Your knowledge is your Power! |
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| HOME BUYING >> WHO IS RESPONSIBLE? |
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Your sales agreement probably includes a tentative date for the sale to close. Whether or not you actually close on this date depends largely on how fast you solve unexpected problems and how well key realty professionals do their jobs.
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ROLE & RESPONSIBILITIES |
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These are each party's responsibilities and why they play an important part in closing a sale:
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Role
and Responsibilities |
Approximate
Cost |
| Your
agent |
Schedules inspections,
troubleshoots problems
Makes sure everything is done so sale closes on time |
2 to 3 percent of purchase
price (Typically, the seller pays the commission, which is then
divided between brokerages. Standard commissions range from 4 to
7 percent.) |
Loan representative/
mortgage broker |
Processes loan
application, secures financing
Provides loan to complete the sale |
1 percent to broker
(Typically, the lender pays the broker, and passes it on to you
in the cost of the loan.) |
| Appraiser |
Estimates the home's true
market value
Verifies for the lender that you haven't agreed to pay too much |
$200 to $400 |
| Home
inspector |
Examines the home's
physical condition
Notifies you of all defects and possible future problems |
$300 to $500 |
| Pest-control
inspector |
Looks for damage caused by
termites, other pests and fungus
Flags hard-to-discover but potentially costly problems |
$75 to $225 |
| Escrow
holder |
Serves as neutral third
party, routes paperwork
Ensures that all parties fulfill their obligations |
$400 or more |
| Title
insurer |
Ensures that home has clear title
Protects against future title claims that may threaten your
ownership |
$300 to $1000, depending
on sales price |
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