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Here is your 42 step checklist outlining all functions required by your Real Estate Team - your realtor, your lender and your title Company for a successful Real Estate Transaction.
We have color-coded the steps in your transaction to indicate what is required of each member of your "team" and in what order they are normally performed.
Red - Realtor
Green - Lender/Loan Broker
Blue - Title Company
Black - All Team Members
We've numbered these functions for you convenience, however, some of these occur simultaneously.
- Prequalification issued & loan programs discussed.
- Property previewed and selected.
- Offer presented.
- Contract ratified.
- Escrow opened, check deposited, preliminary tile report ordered.
- Loan application taken.
- Inspections ordered.
- Credit report ordered.
- Appraisal ordered.
- Contract reviewed - dates noted.
- Preliminary title report reviewed and forwarded to lender and realtor.
- Disclosure packet provided.
- Preliminary title report reviewed.
- Loan program selected.
- Inspections reviewed.
- 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 with verbal instructions and necessary information.
- Package forwarded to underwriting.
- Discussion regarding selection of fire insurance agent and client's final payment to escrow account.
- Loan approval.
- Loan documents ordered.
- Loan documents delivered to escrow 25. Fire Insurance Agent contacted.
- Discussion regarding moving date and moving van
- Realtor provides final instructions to escrow.
- Loan closing conditions reviewed with escrow.
- Escrow instructions drawn.
- Escrow instructions signed.
- Signed loan documents returned to lender with fire insurance policy .
- Final walk through scheduled.
- Funding package reviewed.
- Loan funds issued.
- Final funds from buyer deposited to escrow.
- Team decides what final actions are required to close.
- Walk through inspection.
- Documents prepared for recording.
- Documents recorded with courthouse.
- Escrow closed final accounting Checks written and forwarded closing statements issued .
- Call from escrow.
- Keys released to new owner.
- Celebrate!
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