Roles and Responsibilities






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Lending Info

How to Make Offer

Closing Info

Roles of Players


Negotiation Tips

Appreciation Info


The Fine Print

Good Faith Estimate

HUD1 Statement


Pro's needed to close on a property you would like to purchase

Your sales agreement probably includes a tentative date for the sale to close. Whether or not you actually close on this date depends largely on how fast you solve unexpected problems and how well key realty professionals do their jobs.

These are each party's responsibilities and why they play an important part in closing a sale:

  Role and Responsibilities Approximate Cost
Your Agent Schedules showings educate and protects your interests,  troubleshoots problems  Makes sure everything is done so sale closes on time. 2 to 3 percent of purchase price (Typically, the seller pays the commission, which is then divided between brokerages. Standard commissions range from 4 to 7 percent.)
Mortgage Broker Processes loan application, secures financing
Provides loan to complete the sale.
1 percent to broker (Typically, the lender pays the broker, and passes it on to you in the cost of the loan.)
Appraiser Estimates the home's true market value Verifies for the lender that you haven't agreed to pay too much. $200 to $400
Home Inspector Examines the home's physical condition Notifies you of all defects and possible future problems. $250 to $500
Pest-control inspector Looks for damage caused by termites, other pests and fungus Flags hard-to-discover but potentially costly problems. $75 to $225
Title Insurer Ensures that home has clear title Protects against future title claims that may threaten your ownership. $300 to $1000, depending on sales price


The Bottom Line -Many experts advise buyers to consider appreciation a bonus, not a sure thing. Buy a reasonably priced house in a stable and likeable neighborhood, invest in home improvements that add value (not eccentricity), and you're more likely to get your money back when you sell. You may even make a profit, especially if you avoid buying when the market is overheated. Just don't plan to retire on the profits when you sell.