Who Does What in a US Real Estate Transaction: Realtors, Lenders, Title & More
Understand the roles of realtors, lenders, title companies, inspectors, appraisers, and attorneys in US real estate deals — and how investors should use each.
The US Closing Ecosystem
A typical US investment purchase involves a chain of professionals — each with distinct incentives and responsibilities. Understanding who does what prevents delays, protects your capital, and helps you build a reliable team.
Closing processes vary by state — attorney states (New York, Massachusetts, Georgia) differ from title-company states (Texas, Arizona, Ohio). Know your market's norm.
Key Players and Their Roles
Each stakeholder serves a specific function in the transaction.
- Real estate agent / broker — market access, comps, negotiation, contract coordination (buyer's agent represents you; seller's agent represents seller)
- Lender / loan officer — underwriting, rate quotes, DSCR or conventional qualification, appraisal ordering
- Title company / escrow officer — title search, insurance, clearing liens, holding funds, recording deed
- Real estate attorney — contract review, closing representation (required in some states)
- Home inspector — condition report; always use for investment purchases
- Appraiser — lender-ordered valuation; can kill financing if below purchase price
- Insurance agent — landlord policy quotes; required before closing
- Property manager — often engaged pre-close for rent verification and post-close operations
Who Investors Should Hire Directly
Never rely on the seller's inspector or the seller's agent for your interests. Hire your own buyer's agent (or negotiate directly if experienced), your own inspector, and your own insurance broker.
Build lender relationships before you need them — pre-approval or proof of funds speeds offers. Title companies recommended by investors in your target market often understand assignment clauses and LLC vesting better than general residential closers.
Coordinating the Timeline
Contract → inspection period → appraisal → title commitment → clear-to-close → funding. Miss one deadline and you lose earnest money or the deal. Use a checklist and confirm dates with your agent and title officer weekly.