Transaction Checklist

This 41-step checklist outlines the functions to be performed by your REAL ESTATE TEAM - The REALTOR®, the Lender, and the Title & Escrow Companies, for a successful Real Estate Transaction.

The steps have been placed in the order in which each task is typically performed by one of the following: REALTOR®, Lender/Loan Broker, Title & Escrow Companies, All "Team" Members

We've numbered these functions for your convenience, however, some of these occur simultaneously.

  1. Pre-qualification issued & loan programs discussed
  2. Property previewed and selected
  3. Offer presented
  4. Contract ratified
  5. Escrow opened; Check deposited; Preliminary Report ordered
  6. Loan application taken
  7. Inspections ordered
  8. Credit Report ordered
  9. Appraisal ordered
  10. Contract reviewed & dates noted
  11. Preliminary report reviewed and forwarded to Lender and Real Estate Agent
  12. Disclosure package provided to buyer for review
  13. Preliminary Report reviewed by all parties
  14. Loan program selected
  15. Inspections reviewed and/or contingencies released
  16. Loan contingencies released; Deposit increased, if required
  17. Receipt of increased funds
  18. Final accumulation of documents for loan approval
  19. Escrow Officer clears appropriate title report items and reviews any additional conditions
  20. Loan Package is submitted to underwriting
  21. Selection of hazard insurance company / agent
  22. Loan Approval
  23. Loan documents ordered
  24. Loan documents delivered to escrow
  25. Hazard insurance ordered
  26. Closing date is confirmed. Final dollar balance to be deposited into escrow is determined
  27. REALTOR® provides final instructions, if any, to escrow
  28. Loan closing conditions reviewed with Escrow Officer
  29. Escrow instructions drawn
  30. Escrow instructions and loan documents are signed (buyer)
  31. Signed loan documents returned to lender with hazard insurance policy
  32. Final walk-through inspection
  33. Funding package reviewed
  34. Loan funds issued
  35. Final funds from Buyer deposited to escrow
  36. Team decides what final actions are required to prior to close of escrow
  37. Documents recorded with County Recorder
  38. Escrow closed; Final accounting; Checks written and forwarded; Closing statements issued
  39. Escrow notifies all parties upon closing
  40. Keys released to new owner
  41. CELEBRATION!
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