Welcome to page five.
Here we will continue to explain how organized real estate operates and the different professionals and organizations involved.
In this lesson we will explain more about those real estate professionals you may come in contact with while searching for a new home. Here are some definitions.
1. Realtor(TM) Designates a licensed real estate sales person or broker who is a member of the Canadian Real Estate Assoc and his or her local real estate board.
2.Real estate brokerage is the company a real estate sales person works for in most cases as an independant contractor.
3. Real estate broker is the person licensed for or as the person responsible for the operation of a particular company.(Holds the license for the company to trade in real estate.)
4. Mortgage broker is a person licensed for or as the person responsible for the operation of a particular company.(Hold the license for the company to trade in mortgages.)
5. Lender is a mortgage company ,bank,credit union,trust company or finance company that lends directly to the public normaly an employee of that company.
6.Building inspector is some one that inspects houses for the government or for a fee.
7. Appraiser is some one who is qualified to arrive at a value for a property for mortgage or legal purposes and must be registered to do so by the local appraisers assoc and the government.
8.Insurance broker is some one who is licensed to broker insurance products.(Holds the license for the company) You need insurance in place with first loss payable to the lender before the lawyer can release the funds from the lender to buy your new home.
8.Surveyor is some one licensed to survey and determine property lines and provide surveyor's certificates to the bank certifying that your new home is with-in the property lines .
9.Title insurance is used quite often in lieu of a surveyor's certificate as it is usualy cheaper and easier to obtain.
10. Last but not least is your lawyer he or she will actualy close the transaction for you.
Now on to our next topic "How to Find That Right Agent ?"