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Real Estate

Over 160 Steps in a Real Estate Transaction



Many homeowners and homebuyers are not aware of the true value a

REALTOR® provides during the course of a real estate transaction.


The list here is just a baseline since the services may vary within each brokerage and each

market. Many REALTORS® routinely provide a wide variety of additional services that are as

varied as the nature of each transaction


By the same token, some transactions may not require some of these steps to be equally

successful. However, most would agree that given the unexpected complications that can arise,

it’s far better to know about a step and make an intelligent, informed decision to skip it, than to

not know the possibility even existed.


Listed here are over 160 typical actions, research steps, procedures, processes and review stages in a successful residential real estate transaction that are normally provided by full service real estate brokerages in return for their sales commission.


Depending on the transaction, some may take minutes, hours, or even days to complete, while some may not be needed. More importantly, they reflect the level of skill, knowledge and attention to detail required in today’s real estate transaction, underscoring the importance of having help and guidance from someone who fully understands the process.


Pre-Listing Activities

01. Research all comparable currently listed properties

02. Research sales activity for past 18 months from MLS and public records databases

03. Research "Average Days on Market" for this property of this type, price range and location

04. Download and review property tax roll information

05. Prepare "Comparable Market Analysis" (CMA) to establish fair market value

06. Research property’s ownership & deed type

07. Research property’s public record information for lot size & dimensions

08. Research and verify legal description

09. Research property's land use coding and deed restrictions

10. Research property's current use and zoning

11. Verify legal names of owner(s) in county's public property records

13. Prepare listing presentation package with above materials

14. Perform exterior "Curb Appeal Assessment" of subject property

15. Compile and assemble formal file on property

16. Confirm current public schools and explain impact of schools on market value

17. Review listing appointment checklist to ensure all steps and actions have been completed


Listing Appointment Presentation

18. Give seller an overview of current market conditions and projections

19. Present CMA Results To Seller, Comparables, Solds, Current Listings & Expireds

20. Offer pricing strategy based on professional judgment and current market conditions

21. Discuss Goals With Seller To Market Effectively

22. Explain market power of web marketing, IDX and agency database of qualified buyers

23. Screen for qualified buyers and protect seller from curiosity seekers

24. Present and discuss strategic master marketing plan

25. Explain different agency relationships and determine seller's preference

26. Review and explain all clauses in Listing Contract & Addendum and obtain seller's signature


Once Property is Under Listing Agreement

27. Review current title information

28. Measure overall and heated square footage

29. Measure interior room sizes

30. Confirm lot size via owner's copy of certified survey, if available

31. Note any and all unrecorded property lines, agreements, easements

32. Obtain house plans, if applicable and available

33. Review house plans and make copy

34. Order plat map for retention in property's listing file

35. Obtain current mortgage loan(s) information: companies and & loan account numbers

36. Verify current loan information with lender(s)

37. Check assumability of loan(s) and any special requirements

38. Discuss possible buyer financing alternatives and options with seller

39. Review current appraisal if available

40. Identify Home Owner Association manager if applicable

41. Verify Home Owner Association Fees with manager

42. Order copy of Homeowner Association bylaws, if applicable

43. Research electricity availability and supplier's name and phone number

44. Calculate average utility usage from last 12 months of bills

45. Research and verify city sewer/septic tank system

46. Water System: Calculate average water fees or rates from last 12 months of bills )

47. Well Water: Confirm well status, depth and output from Well Report

48. Natural Gas: Research/verify availability and supplier's name and phone number

49. Verify security system, current term of service and whether owned or leased

50. Verify if seller has transferable Termite Bond

51. Ascertain need for lead-based paint disclosure

52. Prepare detailed list of property amenities and assess market impact

53. Prepare detailed list of property's "Inclusions & Conveyances with Sale"

54. Compile list of completed repairs and maintenance items

55. Send "Vacancy Checklist" to seller if property is vacant

56. Explain benefits of Home Owner Warranty to seller

57. Assist sellers with completion and submission of Home Owner Warranty Application

58. When received, place Home Owner Warranty in property file for conveyance at time of sale

59. Have extra key made for lockbox

60. Verify if property has rental units involved. And if so:

61. Make copies of all leases for retention in listing file

62. Verify all rents & deposits

63. Inform tenants of listing and discuss how showings will be handled

64. Arrange for installation of yard sign

65. Assist seller with completion of Seller's Disclosure form

66. New Listing Checklist Completed

67. Review results of Curb Appeal Assessment with seller and provide suggestions to improve

68. Review results of Interior Assessment and suggest changes to shorten time on market

69. Load listing into transaction management software program

70. Add property to company's Active Listings list

71. Provide seller with signed copies of Listing Agreement

72. Take professional photos for upload and use in flyers.


Marketing the Listing

73. Create print and Internet ads with seller's input

74. Coordinate showings with owners & tenants. Return all calls – weekends included

75. Install electronic lock box if authorized by owner

76. Prepare mailing and contact list

77. Generate mail-merge letters to contact list

78. Order “Just Listed” labels & reports

79. Prepare flyers & feedback faxes

80. Review comparable MLS listings regularly to ensure property remains competitive in price

81. Prepare property marketing brochure for seller's review

82. Arrange for printing or copying of supply of marketing brochures or fliers

83. Upload listing to company and agent Internet site, if applicable

84. Mail Out "Just Listed" notice to all neighborhood residents

85. Advise Network Referral Program of listing

86. Provide marketing data to buyers coming through international relocation networks

87. Provide marketing data to buyers coming from referral network

88. Provide "Special Feature" cards for marketing, if applicable

89. Submit ads to company's participating Internet real estate sites

90. Price changes conveyed promptly to all Internet groups

91. Reprint/supply brochures promptly as needed

92. Loan information reviewed and updated

93. Feedback e-mails/faxes sent to buyers' after showings

94. Review weekly Market Study

95. Discuss feedback from buyers with seller to determine if changes will accelerate the sale

96. Place regular weekly update calls to seller to discuss marketing & pricing


The Offer and Contract

97. Receive and review all Offer to Purchase contracts submitted by buyers or buyers' agents.

98. Cross qualify potential buyers to make sure they can close-click here to learn more

99. Evaluate offer(s) and prepare a "net sheet" on each for the owner for comparison purposes

100. Counsel seller on offers. Explain merits and weakness of each component of each offer

101. Contact buyers' to review buyer's qualifications and discuss offer

102. Deliver Seller's Disclosure to buyer upon acceptance

103. Confirm buyer is pre-qualified by calling Loan Officer

104. Obtain pre-qualification letter on buyer from Loan Officer

105. Negotiate all offers on seller's behalf, setting time limit for loan approval and closing date

106. Prepare and convey any counteroffers, acceptance or amendments to buyer's agent

107. Fax copies of contract and all addendums to closing attorney or title company

108. When Offer to Purchase Contract is accepted and signed by seller, deliver to buyer's

109. Record and promptly deposit buyer's earnest money in escrow account.

110. Disseminate "Under-Contract Showing Restrictions" as seller requests

111. Deliver copies of fully signed Offer to Purchase contract to seller

112. Fax/deliver copies of Offer to Purchase contract to S

113. Fax copies of Offer to Purchase contract to lender

114. Provide copies of signed Offer to Purchase contract for office file

115. Advise seller in handling additional offers to purchase

116. Change status to "Sale Pending"

117. Update transaction management program show "Sale Pending"

118. Review buyer's credit report results -- Advise seller of worst and best case scenarios

119. Provide credit report information to seller if property will be seller-financed

120. Assist buyer with obtaining financing, if applicable and follow-up as necessary

121. Coordinate with lender on Discount Points being locked in with dates

122. Deliver unrecorded property information to buyer

123. Order septic system inspection, if applicable

124. Receive and review septic system report and assess any possible impact on sale

125. Deliver copy of septic system inspection report lender & buyer

126. Deliver Well Flow Test Report copies to lender & buyer and property listing file

127. Verify termite inspection ordered

128. Verify mold inspection ordered, if required


Tracking the Loan Process

129. Confirm Verifications Of Deposit & Buyer's Employment Have Been Returned

130. Follow Loan Processing Through To The Underwriter

131. Contact lender weekly to ensure processing is on track

132. Relay final approval of buyer's loan application to seller


Home Inspection

133. Coordinate buyer's professional home inspection with seller

134. Review home inspector's report

135. Enter completion into transaction management tracking software program

136. Explain seller's responsibilities with respect to loan limits and interpret any clauses

137. Ensure seller's compliance with Home Inspection Clause requirements

138. Assist seller with negotiating with trustworthy contractors to perform any required repairs

139. Negotiate payment and oversee completion of required repairs on seller's behalf, if needed


The Appraisal

140. Schedule Appraisal

141. Provide comparable sales used in market pricing to Appraiser

142. Follow-Up On Appraisal

143. Enter completion into transaction management program

144. Assist seller in questioning appraisal report if it seems too low


Closing Preparations and Duties

145. Contract Is Signed By All Parties

146. Coordinate closing process with buyer's agent and lender and escrow

147. Update closing forms & files

148. Ensure all parties have all forms and information needed to close the sale

149. Select location where closing will be held

150. Confirm closing date and time and notify all parties


151. Assist in solving any title problems ie.boundary disputes, easements, obtaining death certs

152. Work with buyer's in scheduling and conducting buyer's Final Walk-Thru prior to closing

153. Research all tax, HOA, utility and other applicable prorations

154. Request final closing figures from closing agent (title company)

155. Receive & carefully review closing figures to ensure accuracy of preparation

156. Forward verified closing figures to buyer's

157. Request copy of closing documents from closing agent

158. Confirm buyer and buyer's have received title insurance commitment

159. Provide "Home Owners Warranty" for availability at closing

160. Reviews all closing documents carefully for errors

161. Forward closing documents to absentee seller as requested

162. Review documents with closing agent (title company)

163. Coordinate this closing with seller's next purchase and resolve any timing problems

164. Have a "no surprises" closing so that seller receives a net proceeds check at closing

165. Refer sellers to one of the best agents at their destination, if applicable

166. Change status to Sold. Enter sale date, price, etc.


Follow Up After Closing

167. Answer questions about filing claims with Home Owner Warranty company if requested

168. Attempt to clarify and resolve any conflicts about repairs if buyer is not satisfied

169. Respond to any follow-on calls and provide any additional information required


Please feel free to call/text any questions you may have.


I look forward to being of service to you.


Lamont Hyde

TMG Realty & Loans



BRE 1863312 / NMLS 1478632