This universal checklist will be useful for realtors, transaction coordinators and escrow officers. This real estate transaction checklist template will help you cope with tasks on time.
Both buyers and realtors benefit from the use of such lists. The list makes it easier to understand all the conditions of cooperation, including deadlines and obligations.
The basic real estate transaction checklist should show contact details for the escrow officer, the customer’s or seller’s real estate agent and title company. You must also add key dates to complete all the steps on time.
Indicate when to inspect the property, contingency removals and approximate closing deadlines. If you are creating a more detailed checklist, then you can add information about the dates of signing key documents by both sellers and buyers.
Why is the real estate transaction checklist important? Buying a property can make you think of many questions. No doubt, every buyer has some confusion regarding location, house builders and prices when investing in the property market.
According to real estate consultants, each buyer should study various things related to real estate. Only then the real estate transaction should be fixed. However, there are many buyers who seem unsatisfied even after closing a real estate transaction.
Though each deal is unique, every list should contain certain important details.
Remember to add key dates and contact details. If you want to provide in-depth info, you can add counter-offers, request for repairs and other important points.
Real estate transactions usually include high financial costs. For many buyers, this may be the biggest investment in their life. Thus, it is very important that everything is carried out according to the deadline and without any misunderstanding. Let’s look at the main aspects that should be included in the real estate transaction checklist for realtors or buyers.
A realtor checklist is supposed to contain info on the property photos and their number. The ideal number of photos in one ad is 6–10. If it is less, you will not give the full picture of the property for sale.
If you submit too many pictures, the buyer will get confused while viewing them. As a result, they will prefer to consider a more comprehensible offer.
All participants in the transaction must be in constant contact with each other in order to discuss all the conditions, reach an acceptable final decision for everyone, and monitor the deadlines. Mark in the real estate transaction coordinator checklist to organize close communication between sellers, buyers, escrow officers, agents.
It will prevent possible contract breaches or other grievances. Both buyers and sellers must actively communicate with their real estate agents in order to obtain the most accurate and legally relevant information.
Take horizontal shots. Vertical ones visually narrow the space, and in the photo, the apartment will look smaller. Photographs should be bright. Besides, it is better to shoot in natural light. But do not take photos in front of the window as the images will turn out dark and underexposed.
All parties will only benefit if the buyer has certain knowledge before entering into the transaction. Thanks to such preliminary preparation, buyers will be able to analyze correctly their purchasing capabilities and the properties they are looking for. Real estate agents will help their clients avoid unnecessary frustration if they convince them to get pre-qualified.
It is very important to set the right price to satisfy all participants. Therefore, this is one of the key points in the realtors checklist. The buyer may not be well oriented in the real estate market, but your goal should be a fair market price.
Make sure that the buyer sets realistic goals regardless of whether he/she is buying property for the first time or already has a similar experience. Since each transaction has its own specifics and unexpected factors may arise, realistic expectations will simplify the situation for the buyer. Include this point in the real estate checklist for buyers to avoid surprises that can disrupt the contract.
The real estate transaction coordinator checklist will help track the fulfillment of obligations of all parties according to the established deadlines. Sticking to the deadlines indicated earlier is necessary in order to avoid problems in the process, including costly delays. Mark the most critical dates, such as availability of property insurance, estimated closing date and keep track of them.
Finally, it is important that all parties involved in a real estate transaction set out realistic expectations and accurate details in the transaction coordinator checklist for real estate. Having a realistic and accurate contract helps avoid disagreements and possible legal disputes.