In a real estate transaction, who is typically responsible for obtaining the mortgage?

In a real estate transaction, the buyer is typically responsible for obtaining the mortgage because they are the ones seeking to finance the purchase of the property. When a buyer decides to purchase real estate, they often do not have the full purchase amount available in cash and will approach lenders to secure funding, resulting in a mortgage loan. This process involves the buyer working with a lender to assess their financial situation, understand mortgage options, and finalize the loan terms.

The buyer's responsibility to obtain the mortgage is a fundamental step in the real estate transaction, as it directly relates to their ability to complete the purchase. Other parties, such as the listing broker or the seller, do not take on the role of securing financing for the buyer. While the lender plays a crucial role by providing the mortgage once the buyer applies, it is the buyer who initiates and manages this process.