Outline of a Real Estate Transaction
The illustration above shows 11 positive steps to get to a closed transaction.
The first step is to create a listing. With a listing, you can then assign a checklist to that specific listing to make sure the necessary steps are taken. There are a lot of documents that go with that listing that can be easily uploaded and saved.
The listing can them be connected to the MLS where it will be seen and available for offers and counter offers. When the perfect price is negotiated, the listing can be converted into a sale.
This is when agents will be able to send PDFs easily via email for necessary things like signatures. The agent can also add other contacts and users who have a vested interest in this real estate transaction.
Once all of the paperwork is signed, and every thing looks in place, the next step would be to submit the information to the broker. The broker will then review the transaction to make sure it is correct before approving it.
Now, for the fun part! The commissions on the sale are calculated. The software makes it easy to generate a disbursement report so that there is less conflict about who gets what.
All of the documents are placed together, time stamped and ready for archive. By the time the transaction has made it to this point, it can be closed.
The software by Brokermint makes this whole process so much easier. It is harder to lose documentation with this system, and it helps keep everyone on the same page (pun intended). The life cycle of a real estate transaction depends on all of these steps to avoid hassles in the process. Losing customers due to paperwork glitches is horrible especially when there is a high commission at stake!
You also want to make sure that you do keep thing things handy, too:
- real estate transactions examples and explanations
- a real estate transaction checklist PDF
- real estate transactions law outline
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