Introduction to Key Roles in Real Estate Transactions.
Navigating the real estate market can be complex, with various professionals playing crucial roles in facilitating property transactions. Whether you’re buying, selling, leasing, or investing in real estate, understanding the responsibilities of each key player can help you make informed decisions. This guide provides an overview of the primary roles involved in real estate transactions, from agents and brokers to landlords and civil lawyers. Every deal/transaction has its unique challenges and after all Real Estate is about the right people. The Bangalore Real Estate Co. is here for you.
Real Estate / Listing Agent / Transaction Advisor
A real estate agent acts as a facilitator for property transactions, assisting clients in buying and selling real estate. Licensed to operate in the real estate market, agents earn a commission upon the successful completion of a deal. They may represent either the buyer or the seller, providing valuable market insights , various knowledge and negotiation skills.
Owner / Landlord / Seller / Lessor
A landlord owns real estate, such as houses, apartments, or land, which they rent or lease to individuals or businesses. As the property owner, the landlord is responsible for maintaining the property and ensuring it meets legal standards. They play a critical role in the rental and sale market, providing housing and commercial spaces.
Client / Lessee / Purchaser
A client in the real estate context can be a lessee or a purchaser. A lessee holds the lease of a property, essentially renting it from the landlord. A purchaser, on the other hand, is someone who buys the property outright. Both roles are crucial in the real estate market, driving demand for properties.
Real Estate Broker
Real estate brokers perform similar functions to agents but have additional qualifications that allow them to work independently and employ agents. Brokers earn commissions and also receive a portion of the commissions from the agents they supervise. Their expertise and leadership are vital in managing real estate transactions.
Realtor
A realtor is a member of the National Association of Realtors (NAR) and can be an agent or a broker. Realtors adhere to a strict code of ethics and standards, ensuring professionalism and integrity in their dealings. This membership distinguishes them from other real estate professionals.
Civil Lawyer
Civil lawyers, also known as litigators, handle legal disputes that do not involve criminal charges. In real estate, they manage issues related to property transactions, personal injury, family relationships, and employment. Their role is essential in resolving conflicts and ensuring legal compliance in real estate dealings.
Banker / Lender / Loan Officer
Lenders, including banks and financial institutions, provide the necessary funds for real estate transactions. Loan officers assist clients in obtaining mortgages, determining borrowing capacity, and selecting suitable loan products. They play a pivotal role in enabling property purchases through financial support.
APPRAISER
An appraiser is a professional who determines the value of a property. This valuation is crucial for obtaining a mortgage and setting the price of a home. Appraisers provide an unbiased estimate of a property’s worth, ensuring fair market value in transactions.
Chartered Accountant
Chartered accountants develop and implement financial policies, procedures, and controls to ensure compliance and mitigate financial risks during transactions. They stay updated with regulatory changes in the real estate industry, including taxation, accounting standards, and financial reporting requirements, ensuring all financial aspects are managed effectively.
Beneficiary
A beneficiary is the person, persons, or institution designated to receive income from a trust, estate, or deed of trust. A contingent beneficiary has conditions attached to their rights, which must be met for them to receive the benefits.
Real Estate Developer
Real estate developers coordinate the entire process of property development, from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of developed parcels. They work with architects, contractors, designers, landscape professionals, and various engineering firms to convert ideas from paper to real property. Developers play a crucial role in shaping the built environment and driving urban growth. The Bangalore Real Estate Co. is a Licensed Channel Sales Partner for leading Developers in Bangalore.
Customer Relationship Manager
A customer relationship manager maintains relationships with clients and coordinates on client queries from the booking formalities until the time of property possession. They assist clients with all queries related to legal matters, agreements, registration, taxation, and banking. Typically, they are present at the developer’s end and up to the booking stage at the agent’s end.
witness
A witness in property registration acts as a neutral third-party who can confirm the identities of the parties involved in the transaction and witness their signatures on the property registration documents. This role is crucial for ensuring the authenticity and legality of the transaction.
Home Inspector
A home inspector is a licensed and trained professional hired to inspect a home and its surrounding property. They examine various home features inside and out and compile a home inspection report detailing any issues found on the property, whether big or small. This report is essential for buyers to understand the condition of the property before finalizing the purchase.
Surveyor
A licensed surveyor provides precise measurements of a piece of property. This role is vital for determining property boundaries and ensuring that the property dimensions are accurately recorded, which is crucial for legal and construction purposes.
Sub-Registrar
The sub-registrar is the registering officer responsible for the jurisdictional area. They make independent decisions on the classification of documents, chargeability of stamp duty, and registration fees. Their role ensures that property transactions are legally registered and compliant with local regulations.
Interior Designer
An interior designer creates internal property design solutions, conducts material research, selects furniture and decor, and oversees the completion of all aspects of a project. They resolve issues that may emerge during the planning and design phases, such as financial constraints, furniture types, or client preferences, ensuring that the final design meets the client’s needs and aesthetic goals.
Property Manager / Property Management Company (PMC)
A property manager or property management company is hired to oversee the day-to-day operations of a unit of real estate. Property owners and real estate investors typically hire property managers when they are unwilling or unable to manage and maintain the properties themselves. Property managers handle tasks such as tenant relations, maintenance, rent collection, and ensuring the property complies with local laws and regulations.
Above are a few people that we at The Bangalore Real Estate Co. work with to make your life easy.
By understanding these roles, you can better navigate the real estate market and engage with your Real Estate Agent rightly to meet your needs. Whether you’re a first-time homebuyer or a seasoned investor, knowing who does what in real estate can make your journey smoother and more successful. Be sure to get a better understanding from your Real Estate Agent Professionals at The Bangalore Real Estate Co. to improve your knowledge before entering a real estate transaction.
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