How Purchasing a Home Works – The Actual Process

A Typical Home Purchase Transaction
Buyer
The buyer is the person buying the home.

Seller
The seller is the current owner of the property who is selling it.

Real Estate Agent
Real estate agents are responsible for bringing together a buyer and a seller in a transaction. This is where the "point of sale" occurs — buyer and seller sign the purchase agreement, often without the aid of a lawyer, although the assistance of a lawyer is recommended.

Mortgage Lender
The mortgage lender provides money for the purchase in return for getting a mortgage or charge on the land and future interest payments.