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Real Estate Transaction Checklist

Real estate transaction management software for an efficient sales process

Published 25 Aug 2021

What is a Real Estate Transaction Checklist?

A real estate transaction checklist helps facilitate a simpler, fairer, and timely sales process for both buyer and seller. This tool can be used by transaction coordinators, realtors, and escrow officers to ensure that all parties are in compliance with contractual obligations, as a breach in real estate contracts can result in lengthy court battles and costly lawsuits.

This article covers:

Real Estate Professionals

The business of buying, selling, and maintaining the good condition of real estate entails a lot of coordinated effort among many professionals in the industry. Here are some of the real estate professionals that help make the buying and selling of properties possible for property owners and prospective buyers:

Agents – Real estate agents have licensed professionals who work very closely with buyers and sellers of property. Those who are selling their property typically partner with seller’s agents or listing agents while those who intend to buy real estate consult buyer’s agents or selling agents.

Listing agents help advertise the sale of real estate and they assist property owners in getting the best price possible.

Selling agents or buyer’s agents help prospective buyers find the ideal property based on the buyer’s preferences. Buyer’s agents coordinate with seller’s agents on the selection, inspection, and negotiation of properties up for sale.

Realtors – Realtors are real estate agents who are active members of the National Association of Realtors. They carry out the same responsibilities of buyers and seller’s agents and they are bound by a code of ethics that aims to prioritize their client’s best interests.

Inspectors – Handling one of the most crucial roles in making sure that properties are in compliance with regulations, inspectors check and help confirm that properties are in good livable conditions. They conduct home inspections, checking the property’s structure, HVAC, floors, and other features to help ensure that the real estate is indeed meeting the potential buyers’ expectations.

Inspectors are typically called to inspect the property right after an offer has been agreed upon by both buyers and sellers but before a real estate contract is signed by both parties.

4 Keys to a Smooth Real Estate Transaction

Real estate transactions entail the largest financial investments in the lifetime of most buyers, and they need to be executed as smoothly and expeditious as possible to avoid costly contract breaches and protect such investments. Here are 4 keys on how to ensure a smooth transaction for clients:

Keys to a smooth real estate transaction

Keys to a smooth real estate transaction | iAuditor

  1. 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.

  2. 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 the timely completion of deadlines. Regular communication can help foster an efficient decision-making process and build rapport among all parties involved.

  3. 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.

  4. 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.

Simplify Real Estate Transactions with iAuditor

Real estate transactions often become complex due to redundant forms and an inefficient paper-based workflow. With a real estate transaction management software like iAuditor, middlemen (transaction coordinators, escrow officers, and real estate agents) can utilize real estate transaction checklists to simplify transactions and deliver the best experience for both buyer and seller.

  • Attach photos of supporting documents as evidence of compliance with requirements
  • Assign important tasks to responsible people and easily track the status of their actions
  • Automate workflows to trigger push notifications for contractual deadlines
  • Integrate with third-party collaboration apps to facilitate a convenient review process and ensure precise and realistic contract details
  • Strengthen recordkeeping compliance with safe cloud-based storage for all real estate transaction documents
  • Sign-off real estate transaction closings with electronic signatures

What are Real Estate Checklists?

Real estate checklists are tools used by real estate agents, brokers, realtors, and other professionals involved in the buying and selling of real estate. Depending on the type of real estate checklist being used, they also serve as a guide for seamless and transparent transactions between real estate professionals and prospective buyers.

SafetyCulture Staff Writer

John Derick Flores

Dirk is a contributing writer for SafetyCulture who has 3+ years of experience being a Safety Officer in an international airline. Over the course of his tenure, he worked on projects involving training management, ramp safety inspections, quality & safety certification audits, and safety promotion programs. Further, he is interested in maximizing the power of technology to help make the world a better place.

Dirk is a contributing writer for SafetyCulture who has 3+ years of experience being a Safety Officer in an international airline. Over the course of his tenure, he worked on projects involving training management, ramp safety inspections, quality & safety certification audits, and safety promotion programs. Further, he is interested in maximizing the power of technology to help make the world a better place.