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    Wasif Ali
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    A real estate transaction is the process that occurs when a seller offers their home for sale, and a buyer agrees to purchase that property. There are many steps involved in buying a house, and the steps vary depending on the type of transaction and the state regulations.

    Key Players in a Real Estate Transaction

    Real Estate Agent/Broker: Works for either the seller or buyer, and is responsible for guiding them through the transaction process.

    Transaction Coordinator: Supports the broker or agent by keeping the deal on track, handling administrative tasks, and ensuring all documentation is submitted.

    Seller: Formally agrees to list their home for sale with a real estate agent and authorizes the agent to market their home to attract buyers.

    Buyer: Works with a real estate agent to find their perfect home, negotiates the purchase offer, and applies for a mortgage.

    Mortgage Lender: Assists the buyer with the mortgage application process and provides pre-qualification letters.

    Home Inspection Company: Evaluates the property to ensure it is in good condition and up to code.

    Title Company/Lawyer: Handles the closing process, ensures all documents are signed and notarized, and updates public records to reflect the new ownership. Read Information

    The Real Estate Transaction Process

    Listing and Marketing: The seller lists their home for sale, and the agent markets the property to attract buyers.

    Offer and Negotiation: The buyer makes an offer, and the seller and buyer negotiate the terms of the sale.

    Inspections and Due Diligence: The buyer conducts inspections and reviews the property’s condition.

    Mortgage Application: The buyer applies for a mortgage, and the lender processes the application.

    Closing: The buyer and seller sign the final documents, and the title company updates public records to reflect the new ownership.

    Get the Keys: The buyer receives the keys to the property, and the transaction is complete.

    Commission Distribution

    The selling agent receives a gross commission from the deal, typically around 6%. This money is split equally between the buying and selling brokerages, and the commission distribution between the brokerage, agent, and other team members depends on the company’s commission structure.

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