Participants in an LBI New Jersey Real Estate Transaction
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Who’s Involved in Buying a Home on Long Beach Island 
Who’s Involved in Buying a Home on Long Beach Island 
Who’s Involved in Buying a Home on Long Beach Island
Long Beach Island Real Estate
When buying a home in the Long Beach Island real estate market, there are many roles to fill, each with a specific part to play. Understanding who’s involved in buying a home on Long Beach Island can aid in navigating a real estate transaction. While every deal is different and may not have all of the professionals listed below (and some may have more), this list will give you a good handle on the participants in a standard Long Beach Island real estate transaction.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
Who’s Involved in Buying a Home on Long Beach Island
Buyer’s Agent: A buyer’s agent is the real estate agent or broker who is representing the buyer in the transaction.
Seller’s Agent: A seller’s agent is the counterpart to the buyer’s agent. The seller’s agent will represent the seller, though.
Attorney: While not required, it is highly recommended that both buyer and seller hire an attorney to represent their interests. Local attorneys usually are the best option as they are familiar with the local laws.
Home Inspector: The home inspector is hired by the buyer to review the home being purchased and point out safety concerns, problems with the house, and other defects that may impact the value.
Lender or Mortgage Representative: The lender can take on many forms. Some buyers will work with a large bank directly through the bank’s representative, while others will work with a smaller lending office. In either case, the mortgage representative will work with the buyer to secure financing on the purchase.
Homeowners and Flood Insurance Agent: The LBI real estate market is classified as a flood zone, and the cost of flood insurance can be high. A buyer should work with an insurance agent, regardless if they plan to purchase flood insurance or not, so they can understand the cost of insuring a home on LBI. This is important as the cost of insurance can have a direct impact on the value of a home in the Long Beach Island real estate market.
Appraiser: A bank contracts the appraiser. He or she will assess the value of a home being purchased. The appraisal is paid for by the buyer.
Surveyor: A new survey, and in some cases and elevation certificate, are required to purchase most homes on Long Beach Island. The buyer usually assumes the cost of the survey.
Title Officer: Title insurance, as the name implies, insures the title of the property against any liens, past judgments, etc. While this is a rather large part of the closing costs in an LBI real estate transaction, it is indispensable.
Participants in an LBI New Jersey Real Estate Transaction
Understanding who is involved with a real estate transaction on Long Beach Island can go a long way to mapping out the sale process. While not every one of these professionals will be involved in every deal, it is good to be familiar with them all. If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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