Buying a home is one of the most important decisions your client will make. They look to you to guide them through the process. A checklist simplifies the process by giving the buyer and the seller a guide to follow in order to meet their requirements.
Follow this checklist to make sure that nothing falls through the cracks and all parties are in compliance with contractual obligations. You might also consider including a calendar to highlight important dates such as inspections and estimated date of closing.
Help your clients track down their documents by giving more context for the following items needed during a real estate transaction:
Purchase Contract – A purchase contract is a binding agreement between two or more parties. The buyer and the seller must sign this legal document.
Disclosures – Once an offer has been accepted, you should provide the buyer with disclosures such as the condition of items in the transaction. For example, if a residential property contains lead-based paint, the seller is required to disclose that information to the buyer.
Homeowner’s Association – Many developments utilize a homeowner’s association or HOA. The seller should provide the buyer with the HOA rules and regulations, the latest budget and fees, notes, assessments, and more. Following contractual deadlines, the buyer and seller must sign this document.
Inspections – Over the course of the transaction, several inspections may take place. Inspections are important in determining structural integrity, property lines, or damages. All dates and times should be included in the transaction checklist.
Escrow Agreement – A written agreement usually made between buyer, seller and escrow agent, but sometimes only between one person and the escrow agent. It sets forth the conditions to be performed incident to the object deposited in escrow and gives the escrow agent instructions with respect to the disposition of the object so deposited.
Remember that this process can oftentimes be stressful for your clients. By providing them with an efficient method to help them along the way, you can improve your services while improving the experience for your client. That is the kind of service that will make you stand out from the rest.