Real Estate Agent Tips - Transaction Management

This checklist outlines the critical stages and tasks for managing a real estate transaction from executed contract to closing. Effective transaction management ensures a smooth process for all parties involved and allows the agent to focus on client relationships.

Phase 1: Contract to Contingency Removal

This phase focuses on the initial steps after an offer is accepted, ensuring all contractual obligations are met.

• Contract Review and Distribution
  • Review the fully executed contract for accuracy and completeness.
  • Send a copy of the contract to the client.
  • Distribute the contract to the title/escrow company, the lender, and the co-op agent.
• Earnest Money Deposit (EMD) Verification
  • Confirm the EMD has been deposited by the appropriate deadline.
  • Obtain and file a receipt for the EMD.
• Inspections and Due Diligence
  • Schedule all necessary inspections (e.g., general home, termite, radon) immediately.
  • Coordinate access for inspectors with the seller's agent.
  • Receive and review inspection reports with the client.
  • Prepare and negotiate any required repair requests or amendments.
• Financing Contingency
  • Verify the buyer has submitted the loan application to their lender.
  • Track the appraisal order and receipt.
  • Ensure the loan commitment letter is received by the contract deadline.

With contingencies cleared, the focus shifts to finalizing documentation and preparing for the transfer of ownership.

• Order the title commitment and review it for any outstanding liens or issues.
• Coordinate with the title company to resolve any title issues.
• Confirm the receipt of all necessary disclosure documents (e.g., Seller's Disclosure).

The final week is crucial for confirming all details and ensuring a successful closing.

• Utility Transition: Advise the client on the process for transferring or setting up utilities at the property location.
• Final Walk-Through: Schedule and conduct the final walk-through inspection a few days before the closing to verify the property's condition and completion of agreed-upon repairs.
• Review Closing Disclosure (CD): Review the CD with the client for accuracy against the contract and loan terms.
• Coordinate Closing: Confirm the final closing time and location with the title company and all involved parties.

After the closing, a few final tasks remain to maintain a professional relationship.

• Ensure the transfer of keys and access information to the buyer.
• Send a personalized thank-you note to the client.
• Schedule a follow-up approximately 30 days after closing to check on the client's transition.