Leasing, purchasing, or selling real property can seem like a daunting task. A real property transaction often involves practical, legal, and financial considerations. As such, it is important to practice care when buying, selling, or leasing property. It is a good idea to adopt a transaction checklist to ensure nothing falls through the cracks.
A real estate transaction checklist outlines important details about a sale, lease, or purchase of a real property. It can simplify the process by reminding you of details such as dates, obligations, contract terms, and amounts owed or due. Essentially, a checklist details what to do and when to do it.
Don’t navigate real estate transactions on your own. Contact Perry Bundy Plyler & Long, LLP, to secure reliable legal help from a Monroe Real Estate Attorney.
What Should You Include in a Real Estate Transaction Checklist?
All parties, be the real estate buyers, sellers, or agents, can benefit from a transaction checklist. The list outlines obligations and deadlines related to the ongoing deal. Ultimately, it can detail whether everyone is doing their part at the expected time.
A basic transaction list should contain the contact details of the parties to the transaction, the real estate agents, and the attorney. It can also include information on the title company and loan officer if there is one. For efficiency, it is advisable to note essential deadlines and critical dates in the checklist.
Every real estate transaction, and in turn, checklist, is unique. However, each list should contain the following important information:
- Property address.
- Property buyer’s name.
- How the buyer should hold title to the property.
- Property seller’s name.
- Date of sale.
- Real estate attorneys’ information.
- Real estate broker’s information.
- Mortgage lender’s information.
- Contact details of each party.
- Key dates such as inspection dates and date of closing.
You can further customize your Real Estate Transaction Checklist to include information such as a request for repairs and counteroffers. You could also note the dates for signing vital documents.
Why Should You Have a Transaction Checklist?
A transaction checklist acts as a written list of tasks. It prompts you to attend meetings, make calls, sign documents, or make payments when they are required.
Some important reasons to have a transaction checklist include:
- Identify which transactions are missing vital documents.
- Never miss a critical deadline.
- Sync your transaction deadlines to your calendar and plan your tasks into your day.
- Stay advised of important activities such as inspections and appraisals.
- Organize the contact information of everyone involved in the transaction.
- Stay informed of the progress being made.
Talk to a Monroe Real Estate Attorney Today
If you are an individual, business, or business owner beginning to navigate a real estate deal, contact us today. A top-notch Monroe Real Estate Attorney will advise you on your rights and help protect them throughout the transaction.