Transaction Checklist

This 42-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. Escrow instructions/ amendments drawn
  12. Escrow instructions/ amendments signed
  13. Preliminary report reviewed
  14. Disclosure package provided
  15. Preliminary Report reviewed
  16. Loan program selected
  17. Inspections reviewed and/or contingencies released
  18. Loan contingencies released; Deposit increased
  19. Receipt of increased funds
  20. Final accumulation of documents for loan approval
  21. Escrow Officer clears appropriate title report items. Escrow provided verbal instructions and necessary information
  22. Package forwarded for underwriting
  23. Discussion regarding selection of hazard insurance; Agent and Buyer's final deposit to escrow account
  24. Loan approval
  25. Loan documents ordered
  26. Loan documents delivered to escrow
  27. Hazard insurance ordered
  28. Discussion regarding moving date and moving van
  29. Realtor provides final instructions to escrow
  30. Loan closing conditions reviewed with Escrow Officer
  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 close
  37. Documents prepared for recording
  38. Documents recorded with County Recorder
  39. Escrow closed; Final accounting; Checks written and forwarded; Closing statements issued
  40. Escrow calls all parties to notify everyone of closing
  41. Keys released to new owner
  42. CELEBRATE!!