It's a team effort

This time of year as we think of all we are thankful for, we want to take this opportunity to thank our affiliate members. These members work tirelessly behind the scenes to make sure that the transaction you enter will be completed and that all parties will be protected from loss.

If you do not have your own source of funds, you will need to meet with at least one lender to make sure of the level of your investment. This way you are not getting emotionally involved with real estate you have no hope of buying. Lenders are one of our largest groups of affiliates.

Your Realtor will help you search for properties, be they homes, land, a building for your business or an investment property. Since we are the ones spending the most time with you, face-to-face, you will know us best. Once the property has been identified and an offer accepted, the rest of the team gets into high gear.

The first point of contact with an accepted offer is the title company. Your Realtor can recommend several. The title officer will begin a search for defects in the title and recommend cures for these defects. You may be surprised how often they discover something that is not obvious; a recorded easement with no visible signs of use, unpaid mechanics liens or back taxes, etc. The title company will make sure all these items are addressed and cured prior to completing the transaction. Once the remedies have been addressed they will issue a title insurance policy, guaranteeing clear title to the buyer and perhaps their lien holder.

While this is going on, your lender is busily working to make sure that your loan gets approved on the property you wish to buy. They must be explicit in their documentation which is forwarded to the underwriter to be checked, cross checked and double checked to make sure they are writing good business.

While the title company and lending institution are working away there are things you need to do as well. Although not mandatory in Idaho, having the property you propose to buy inspected is a good idea. Our association has a number of affiliate members who are inspectors. Whether a commercial property or a home, an inspection can be looked at like an up-front insurance policy.

An inspector will look for defects in the physical property to make you aware of any hidden repairs or defects that should be addressed for your enjoyment of the property. Things like mold or inefficient insulation or in a commercial environment, a past petroleum or chemical spill, can be costly to remediate. If you discover these things before making the purchase, the seller may pay to have the condition remedied. After the purchase, it is all up to you.

While you are doing this, the lender has ordered an appraisal. Appraisers, many of whom are our members as well, are the lender's investigators that make sure the property's value is equal to or greater than the amount of purchase. Again, this is like insurance before the fact.

Once arrangements have been made to exchange a clear title, the appraisal comes in at the right amount and the inspection contingencies have been met, the title company's escrow officer will meet with you to sign all documents related to the transfer of the property and to secure the financing.

At that point, you want to make sure you have hazard insurance on your property. Many insurers are also affiliate members of the Association of Realtors.

In addition to providing the necessary support to get transactions completed, our affiliates are among our most tireless volunteers for our community service efforts. We take this opportunity to thank them, for without them we would all be worse off.

Trust an expert... call a Realtor. Call your Realtor or visit www.cdarealtors.com to search properties on the Multiple Listing Service or to find a Realtor member who will represent your best interests.

Kim Cooper is a real estate broker and the spokesman for the Coeur d'Alene Association of Realtors. Kim and the association invite your feedback and input for this column. You may contact them by writing to the Coeur d'Alene Association of Realtors, 409 W. Neider, Coeur d'Alene, ID 83815 or by calling (208) 667-0664.