Who are the property players?
Understanding the role of key players in your property purchase
The home buying process can be a highly complicated one, especially if you have little to no experience with it. There's so much jargon, so many moving parts and such a large number of financial considerations to keep in mind — plus it could take you months to find the right property to purchase.
With all that in mind, we've put together a brief guide for home buyers and borrowers to walk you through the basics of who’s involved throughout this process.
Read on to find out the difference between a buyer's agent and a real estate agent, what a mortgage broker can do for you and the role a conveyancer plays in the sales process.
What is a buyer's agent?
A buyer's agent is a real estate professional who works with you closely throughout the buying process. In short, they represent your interests and may help you find properties that match your budget and particular needs (i.e. how many bedrooms and bathrooms you need, what kind of space is on the property and so on).
Some of the things a buyer's agent may do for you include identifying homes on the market that align with what you're looking for, aiding you in the negotiating or bidding process and answering any questions you might have about the process as things develop.
Their assistance can often be critical in helping you get the right home at the right price, with as much clarity as possible.
What does a real estate agent do?
A real estate agent — also known as a seller's agent, sales agent or listing agent — represents the person selling a property.
They will help the seller make sure the home is in great condition and ready to appeal to any would-be buyers. Beyond that, they will market the property in appropriate places (such as online and in print). Moreover, they will help the seller to set an appropriate listing price and attract potential buyers.
Once offers start to come in, they can also work with the seller to figure out which will be the best based on their unique needs.
What does a mortgage broker do?
Applying for a home loan can be highly complicated but a mortgage broker may more easily expedite the process for potential borrowers.
This is a professional whose job is to find you home loan options, based on your wants and needs. As you start shopping for a home, you can meet with a mortgage broker to discuss your financial situation and what your goals are.
The mortgage broker might connect with a number of different lenders to find loans that may be available to you. Next, they will typically come to you with a few options and walk you through how each loan works and what it costs.
What does a conveyancer do?
A conveyancer is a professional who works for the buyer or seller and deals with the legal transfer of ownership from one to the other when a property is sold.
A seller's conveyancer will generally put together the contract of sale and any other documents related to the transaction, as required by the relevant laws and regulations.
Meanwhile, a buyer's conveyancer looks over the sale and other documents relating to the property and works with the buyer to make sure the transaction is be completed properly.
For either side of the sale, a conveyancer can provide critical support and assistance and help the process go smoothly.