The ‘who’s who’ of the Real Estate World
Written by Ben Saravia,
When you buy your first home, you will quickly realise that advice (whether invited or not) will come to you from all angles! Buying a home can be a complicated process, and involves many steps as well as a range of other people, and it’s important to take a moment to clearly outline who does what, (and for whom) in the real estate world.
From first viewing to say of settlement, there are a number of people involved in the home buying process. To make it clearer, we’re running you through exactly who they are, who they report to, and what their roles and responsibilities are.
When you begin buying your home, you will enter into a Contract of Sale. There are always two parties in a Contract of Sale - the vendor/seller and you, the buyer/ purchaser
1. The Buyer/Purchaser
This is basically you! The buyer is the person or persons that acquire the title (or part thereof) in the property.
2. The Seller/Vendor
The Seller is the current holder of the title of the property. You will often hear said that the seller is “disposing of the property.”
3. The Real Estate Agent/Sellers Agent
People often get confused here. We always say that it’s important to remember that Real Estate agents work for, and represent, the Seller. It is the agent’s role to market the property for the best price for their client. When you come to sell your home one day, you will want a great real estate agent to act on your behalf too.
4. Mortgage Broker / Bank / Guarantor
Mortgage brokers are financial professionals that act on your behalf to acquire your home loan if you need one. Mortgage Brokers take into consideration your specific needs (such as income, loan amount and circumstances) and then match you to certain loans, lenders and financial products that fit your requirements. Brokers take a commission on the products they sell, so it would be fair to say they work for both you and the lender.
5. The Building Inspector (Builder)
The building inspector is a licenced professional builder that inspects and delivers a pre-purchase building report for your home. The builder works for you and provides an independent assessment of the current condition of your home, to ensure that you are buying a sound investment.
6. The conveyancer or solicitor
When you express interest to the real estate agent in buying a home, they will take some of your details, present your offer to the seller and if accepted - present you with the contract of sale. At this point, BEFORE YOU SIGN ANYTHING, you must find legal representation. When buying a property, this comes in the form of either a Licensed Real Estate conveyancer, or a solicitor. This legal professional will ensure all your legal interests, and that of the property, are protected, and make certain that the contract of sale is sound.
7. The Pest Inspector
As well as your building report, it is essential to have a thorough pre-purchase pest inspection undertaken on your home. Licenced pest control experts look for a range of pest and infestations, from vermin to termites. Like builders, pest inspectors work for you, and they will provide an unbiased report highlighting any issues that might have been uncovered.
Buying a home can be a complicated process, but it is so much easier if you have the right team of professionals by your side. At Pest Build Legals, we make the process of finding this team a little easier but providing you free, no-obligation quotes for Pest and Building inspectors, as well as for legal representation.
All information contained on this website is for your reference only. You should always make your own enquiries and seek independent legal advice in respect of any information about real estate law and the purchasing of real estate and related subjects. This website may contain hyperlinks to websites operated by parties other than Pest Build Legals. Such hyperlinks are provided for reference only. Pest Build Legals does not control such websites and is not responsible for their contents.