A real estate buyer transaction checklist is used to help ensure that the purchase of a property is smooth and seamless. It helps the buyers to ensure they understand where they are in the process, so everyone is on the same page and moving forward.
What Should the Checklist Include?
The buyer transaction checklist should include every part of the purchase process all the way through closing, and sometimes beyond. The checklists help to keep track of everything necessary during the process of buying a home so nothing gets overlooked.
The real estate buyer transaction checklist can vary, but you will find that they tend to cover many of the same important elements. This checklist will often start at the beginning of the purchase.
Some of the elements that will typically be on the checklist include:
- Getting a preapproval letter from the lender.
- Completing the purchase agreement.
- The addition of buyer referral agreement documentation, although this is not always applicable.
- Scheduling a home inspection.
- Getting appraisal reports for lenders.
The checklist can also include information on the closing phase. It could have reminders to confirm the close of escrow, to order applicable home warranties, and more. This will ensure that all of the parties involved know and meet their contractual obligations.
These are some of the elements you will likely see on these checklists, but they can vary. Buyers will want to look into the checklists and see if their agent offers them. If they don’t, the buyers might want to set up their own, just to have handy.
Do You Need to Have a Checklist?
Although it might not be required to have one of these checklists, you will find that they are helpful. This is true for any type of real estate purchase.
There is quite a bit to think about when it comes to buying a home, and it’s easy for certain things to fall through the cracks if you aren’t careful. You don’t want to let this happen if you can help it and using a real estate buyer transaction checklist could be a fantastic way to help.
You’ll find that there are more than just buyer checklists used. Agents will often have checklists of their own, which help them to stay coordinated. Sellers may have their own checklists, as well. They can simply make keeping track of things much easier.
Teresa Grant and her team at The Realty Group Team of Keller Williams are ready to help you with your real estate needs. Call/Text 434.546.3202!