Related topics
By now you've met the main players. Here are some other professionals you might want on your home-buying team:
- Accountant. Your accountant or tax preparer can clue you in on the tax breaks associated with buying a home.
- Appraiser. Lenders need to know that a house is worth at least as much as you're paying for it. An appraiser inspects the house and compares it to similar properties in the area to determine its worth.
- Contractor. If you're thinking about buying a fixer-upper or making significant renovations to a home, it's a smart move to have a contractor estimate how much the repairs and renovations will cost before you submit an offer.
- Escrow officer. Sometimes called an escrow agent or closing agent, this neutral third party makes sure that the transaction proceeds as it should - in other words, that both you and the seller are living up to your agreement. The escrow officer may be an attorney, a full-time escrow agent, or someone who works for a title agency. In a typical sale, the escrow officer has these responsibilities:
- Sets up an escrow account to hold money related to the sale, such as your earnest money, until closing
- Holds signed documents until all paperwork related to the sale is complete
- Performs the title search and arranges for title insurance
- Prorates costs, such as taxes and bills that the seller has already paid
- Prepares the final paperwork
- Distributes money due at closing
- Ensures that the sale happens properly and legally - Insurance agent. At the closing, you need to prove to your lender that you've insured your property, so you need to find an insurance agent who specializes in homeowner's insurance.
