What parties are involved in closing a deal?

Question

I want to buy my first multi family home, but who are involved in closing the deal?

Tim Johnson · Answer

Deals can be structured in a number of ways.

In a standard real estate purchase and sale..... the buyer and seller (or their representing entities) are the actual parties to the agreement. Other parties that help with the closing process are usually a lender (if not a cash deal), title, and an escrow team. In my environment the title and escrow often function together as one team. So in communications for closing.....I always consider buyer, seller, lender, and title/escrow as the main players. And of course as a realtor, I play an important part in moving the process along by representing buyer, seller, (and sometimes....but rarely, both). Other accessory "helpers" would be a home inspector (hired by the buyer), and the appraiser (contracted through the lender....again, when a loan is involved).

In states where attorneys are required the process plays out somewhat differently.

Eliott Elias · Answer

Lender, title company, realtor, property manager.

Ali Nurmohamed · Answer

WoW! This helped me out a lot! Thank you MR.Johnson

Jeff Copeland · Answer

Here is a useful graphic from a local title company (not my company, no affiliation, I just like their graphic):

Ali Nurmohamed · Answer

Thank you brother! I really appreciate it.

What parties are involved in closing a deal?

What parties are involved in closing a deal?

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