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

2. The Home Buying Process

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

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

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

6. 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

7. 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

8. Who Represents Whom?

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

10. 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

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

12. 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

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

14. Alan Donald, REALTOR Cell. 843-864-3777 Voice: 843-416-1434
QUESTIONS?
Alan Donald, REALTOR
Cell
Voice: