The Role of the REALTOR® By Alan L. Donald, REALTOR Keller Williams Realty Presentation to Charleston Area CDC November 13, 2008

The Home Buying Process

People Involved – To Contract Lender Loan officer Grants officer Realtor (s) Listing agent (represents Sellers) Selling agent (represents Buyers) Seller (s) (Builder) Buyer (s)

People Involved Contract-to-Closing Lender Underwriter (s) Processor (s) Inspectors Home Inspector Termite (pest) Inspector Surveyor Mold, Radon, etc. HOA Administration

People Involved Contract-to-Closing Repair Services Electrical Plumbing Painting Other Insurance Broker Attorney Paralegal

Real Estate Law in SC Agent must be LICENCED Agent MUST represent one of the parties Any contract/agreement MUST BE IN WRITING to be enforceable

Level of Service REALTOR vs. AGENT Fiduciary (Consultant) Advises and Consults Educates and Guides Involved in Decision Process Uses Judgment and Experience Irreplaceable Highly Compensated Functionary (Agent) Delivers Information Tells and Sells Stays out of Process Follows the Rules and Procedures Replaceable Minimally Paid

Who Represents Whom?

Hiring a BUYER’S AGENT Represents YOUR interests as buyer Normally NO COST to you Protects Guides Provides Advice Need a CONTRACT SIGNED

The Process Get pre-approved with a lender (plus CDC) – provide all documents Define needs/wants/limitations Search, short-list, select Make an offer Negotiate – RATIFY CONTRACT

The Process BUYER’S DUE DILIGENCE Negotiate Repair List Inspections – REPAIR LIST Survey – Elevation - Flood Zone Title Search HOA Insurance Binder Negotiate Repair List

The Process Schedule CLOSING with attorney Confirm Lender’s loan package, grant $ and insurance binder arrived Get Cashier’s Check for Closing Costs & Downpayment Bring picture ID’s & $$ to closing

The Process CLOSE TRANSACTION & Get Keys Change LOCKS Utilities in your name Primary Residence EXEMPTION Change of Address

Alan Donald, REALTOR Cell. 843-864-3777 Voice: 843-416-1434 QUESTIONS? Alan Donald, REALTOR Cell. 843-864-3777 Voice: 843-416-1434 adonald@kwcharleston.com www.BuyHomesInCharleston.com