ABA Family Legal Guide

Buying and Selling a Home

Meeting the Players

Who is involved in a real estate transaction?

Although it is possible for a home to be bought and sold strictly between the buyer and seller, this rarely happens. In today's market, a homebuyer will usually want to use the services of a real estate agent, a lawyer, and a home inspector. To obtain financing, buyers will need to consult with a mortgage broker or lending institution. They may also meet with a financial planner or accountant about financing, and an insurance broker to obtain appropriate homeowner's insurance.

A seller may choose to sell without the services of a real estate agent in order to avoid paying a commission. However, the seller may turn to a financial planner or accountant for assistance in sorting out the tax consequences of selling. In addition, few sellers would forego the services of a lawyer. A knowledgeable person needs to prepare the documents required for the closing. In some parts of the country, it is customary to rely on a title insurance company to prepare these documents. However, it is important to understand that the title company is not representing either party to the transaction.