The Players

A number of different parties are involved in the process of refinancing or transferring ownership of real estate. You can expect to see any or all of them at the closing itself.

Your Real Estate Agent — Represents your interests in purchasing the property and acts as an intermediary between you and the seller. Generally assists in helping you purchase property for the lowest possible price and best terms.

Seller — Signs the deed over to the buyer.

Seller’s Real Estate Agent — This real estate agent represents the seller (who may not be present at the closing itself). Generally assists in helping the seller get the highest possible price and best terms for the property.

Settlement Agent — A representative from your title company or an attorney responsible for facilitating the closing by preparing, recording, collecting and disbursing funds.

Lender/Bank — The institution (usually a bank or mortgage company) that lends the money to the buyer. The lender is often called the “mortgagee”, while the borrower is referred to as the “mortgagor.”

Loan Servicer — The institution that will receive and process your mortgage payments and manage your escrow account. This is often the lending institution, but not always.