Responsibilities & Lender’s Duties in Home Purchasing

Buying | November 12, 2019 | written by Corbin Chivers

birds eye view of houses

You might be wondering whether a real estate or even a mortgage lender will protect you, the house buyer, when it comes to purchasing a new home. In most cases, while they may take some measures to protect your interests, it is ultimately your part to play. In other words, it is your responsibility to ensure that you’re buying exactly what you want.

In this article, we’ll highlight your responsibilities as a buyer, along with the agent’s and lender’s duty in helping you purchase a home.

The Responsibilities of a Home Buyer

A buyer’s job is to ensure that the home he or she buys fits all the requirements and needs the individual has. That is done by reading, noting all the information, and asking all kinds of questions about the property itself. Research and inspections on the property itself are also required to discover defects, issues, or concerns and handle them properly. In some cases, an agent will share some of these responsibilities, but it is ultimately the buyer’s task to carry out all these necessary actions on schedule. 

All the above actions can be carried out during contingencies. The contingencies give the buyer a week or so to make sure the home is thoroughly inspected, and all necessary measures needed to address issues are carried out by the seller. After the contingency period, the buyer can still go ahead and check the home to make sure that all required actions, such as repairing, are done.

The Responsibilities of an Agent

An agent’s job is always to take the steps that support the buyer’s interest. They also help the buyers themselves know how to make the right decisions by teaching them all sorts of things. For example, an agent might show the buyer how to write a proper contract or advise them to run a full house inspection before going ahead with the purchase. However, an agent also has the duty of protecting the buyer’s right to back out of a deal if any concerns change the buyer’s mind.

The agent can also work with the seller to address any issues should the seller be unable to carry out a repair or cover the costs. This way, the agent ensures that every problem that is currently made known is addressed, ensuring that the buyer is delighted with the purchase.

The Responsibilities of a Lender

The lender’s main task is to lend money to the buyer to purchase the home. However, while it is of the lender’s interest that the buyer acquires the right home, the lender also takes action that supports its financial interests. For example, a lender might require a home to be appraised to determine the house’s value. The lender is also tasked with the job of deciding whether or not the buyer is qualified for a loan. Put simply, the lender, under its financial interest, will determine if the buyer can pay back what is owed.

In conclusion, the buyer, the agent, and the lender will work together for the best of each other’s interest when purchasing a home. However, the most significant responsibility lies on the buyer when it comes to ensuring that the house bought is the one that ticks all the boxes. 


Are you in the market for a new home? Call Corbin today! We’re some of the top Langley and Surrey-based realtors. When you work with us, you can rest assured, knowing that the home you buy doesn’t come with any unpleasant surprises. 


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