Transaction Checklist - 42 Steps

This 42-step checklist outlines the functions to be performed by your REAL ESTATE TEAM - The REALTOR®, the Lender, and the Title & Escrow Company, 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 Company, All "Team" Members

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

Pre-qualification issued & loan programs discussed Property previewed and selected Offer presented Contract ratified Escrow opened; Check deposited; Preliminary Report ordered Loan application taken Inspections ordered Credit Report ordered Appraisal ordered Contract reviewed & dates noted Escrow instructions/ amendments drawn Escrow instructions/ amendments signed Preliminary report reviewed Disclosure package provided Preliminary Report reviewed Loan program selected Inspections reviewed and/or contingencies released Loan contingencies released; Deposit increased Receipt of increased funds Final accumulation of documents for loan approval Escrow Officer clears appropriate title report items. Escrow provided verbal instructions and necessary information Package forwarded for underwriting

Discussion regarding selection of hazard insurance; Agent and Buyer's final deposit to escrow account Loan approval Loan documents ordered Loan documents delivered to escrow Hazard insurance ordered Discussion regarding moving date and moving van REALTOR® provides final instructions to escrow Loan closing conditions reviewed with Escrow Officer Signed loan documents returned to lender with hazard insurance policy Final walk-through inspection Funding package reviewed Loan funds issued Final Funds from Buyer deposited to Escrow Team decides what final actions are required to close Documents prepared for recording Documents recorded with County Recorder Escrow closed; Final accounting; Checks written and forwarded; Closing statements issued Escrow calls all parties to notify everyone of closing Keys released to new owner CELEBRATE!!