Real estate transactions entail the largest financial investments in the lifetime of most buyers, and they need to be executed as smooth and expeditious as possible to avoid costly contract breaches and protect such investments.
- Get buyers pre-qualified.
Real estate agents should urge buyers to get pre-qualified before officially engaging in real estate transactions. This helps ensure that the buyer is searching for properties that are appropriate to their actual purchasing capacity. Getting pre-qualified can help avoid frustration and disappointment as it also informs buyers of properties they can afford.
- Have regular communication.
Buyers, sellers, agents, escrow officers, transaction coordinators, and attorneys (if applicable) should maintain regular communication to reach an acceptable agreement with the most beneficial terms and keep important schedules in check. Buyers and sellers should always consult with their real estate agents as they are the ones that can provide valuable, legitimate input during the real estate transaction. Escrow officers and/or transaction coordinators must continually liaise with clients and monitor timely completion of deadlines. Regular communication can help foster an efficient decision-making process and build rapport among all parties involved.
- Stick to the schedule.
“Time is of the essence” cannot be any more true when it comes to real estate transactions. Parties involved in the transaction should avoid missing deadlines as it can significantly hinder the process and lead to costly delays. A digital real estate transaction checklist can help outline important dates, such as property inspection schedules, availability of property insurance, and estimated closing date, and trigger automatic notifications (push, email, or SMS) when the dates are near.
- Ensure a realistic and accurate contract.
Finally, it is important for all parties engaged in the real estate transaction to lay down realistic expectations and accurate details in the real estate transaction checklist. By having a realistic and accurate contract, disagreements and potential legal disputes are avoided.