Players in a Typical Residential Real Estate Transaction

Purchaser
The purchaser is the person buying the home.

Vendor
The vendor is the current owner of the property who is selling it.

Real Estate Agent
Real estate agents are responsible for bringing together a purchaser and a vendor in a transaction. This is where the "point of sale" occurs — vendor and purchaser sign the Agreement of Purchase and Sale, often without the aid of a lawyer, although the assistance of a lawyer is recommended.

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

Lawyer for Purchaser
The purchaser's lawyer is responsible for assuring that their clients receive good title. The lawyer searches title to the property, obtains information from the municipality, reviews a survey of the property (if available), and advises the client as to the state of title before closing. The lawyer for the purchaser also acts for the mortgage lender (because of economics). The mortgage lender is also interested in the state of title because it is advancing monies on the security of the land. The purchaser's lawyer registers the deed and the mortgage.

Lawyer for Vendor
The vendor's lawyer will deal with any problems that the purchaser's solicitor finds on title that have to be dealt with before the transaction closes and delivers the keys and a deed on closing in return for money.

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