Although it may seem that the only parties to the transaction are the REALTOR®s, buyers and sellers, there are a number of key companies and people that are used during the entire process. Here are a few of the most important service providers and their roles:
LENDER
Most transactions require financing to assist in the purchase. A lender can be a mortgage company, a bank, private financing, as well as other options. Whichever you choose, the lender plays an extremely significant role in the transaction. You will be asked to complete an application, provide documentation and verify your income. You may also be asked to give permission for your credit score to be checked, and for your assets to be verified. There are numerous steps to take to secure financing, and your cooperation with the lender is a key ingredient to experiencing an on-time, relatively stress free closing!
Our trusted SmartPartner: VIP Mortgage | VIP Mortgage is a full service mortgage banker and broker with an experienced staff offering expertise in every area of mortgage lending from purchase to refinance to construction lending. “VIP, where people are our priority.”
Our trusted SmartPartner: Homeowners Financial Group | Your “Award Winning Mortgage Company” committed to providing you with excellent customer service, communication, and a variety of financing products to meet the needs of clients. With an unparalleled corporate culture and commitment to give back to the community it’s no surprise their employees have consistently voted them a Best Place to Work. Their niche and specialty product financing have proven them as forward thinkers and leaders of the Mortgage Industry.
ESCROW/TITLE
The role of the escrow and title companies differ from state to state. Some states require attorneys to conduct the actual closings, and some allow the escrow company to do it. That being said, the escrow company is where you will be closing your transaction. It may also be providing the Title Report, Title Insurance, providing copies of CC&R’s from a Homeowners Association, working with the lender to coordinate the closing and funding, working with the seller to coordinate the payoff of the existing loan, preparing Settlement Statements (HUD 1’s) coordinating tax prorations, recording the deeds, and disbursing the funds. Whew! That is just a small list of what responsibilities an Escrow/Title company has during your transaction.
Our trusted SmartPartner: HomeSmart Title | (602) 889-2132 | HomeSmart Title is a collaboration between HomeSmart Title and First American Title. For every title transaction using HomeSmart Title, a donation is made to a supported 501(c)3 charity of your choice.
HOME WARRANTY COMPANY
Many transactions today are covered by a home warranty for the first year of ownership. This option can be purchased during the transaction, and covers many of the systems that a home inspector would inspect. A home warranty may provide some piece of mind to a buyer purchasing an older property, or one that may have some systems issues in the future. You can also request coverage of some appliances and septic systems. For a small service call fee, the home warranty company will send a team to your home that can determine a problem and repair or replace an item. The most typical claims are for heating/cooling systems and for plumbing issues, but depending on the region of the country, some may be more typical than others.
Our trusted SmartPartner: Platinum Home Warranty | As a locally owned company, the team at Platinum understands the homeowners’ needs and concerns right here in Arizona. The Platinum commitment to hire only the best on-staff, trained technicians in the industry and to offer a 24-hour emergency response time guarantee is unique to the industry. “At Platinum, it’s personal – it’s about protecting your home – a place of warmth, memories and comfort.”
INSURANCE
Homeowner’s insurance may not be the most exciting part about purchasing a home, but it is important to protect your investment. Homeowner’s insurance is often required by a lender if you have a loan on your home.
Our trusted Smart Affiliate: RESolutions Insurance Group | [email protected] | (602) 889-2180 | RESolutions offers home, auto and life insurance and can help buyers find the coverage that’s best for their homes.
UTILITY SERVICE
Moving comes with a lot of little details, like turning on utilities in your new home. In the middle of packing boxes, you don’t always have time to handle those details. And if you’re moving states, you may not even know where to start with the utility companies! A utility service is a one-stop shop to connect your accounts.
Our trusted Smart Affiliate: Utility Porter | [email protected] | (602) 889-2285 | Utility Porter is an added NO-COST benefit for HomeSmart buyers. They will set up water, electric, gas and trash as well as cable, satellite, internet, phone, home warranty and home security. They can even update your driver’s license address and set up mail-forwarding if needed.
Remember, it’s a Smart Move with HomeSmart!