Timeline

This is an example of what happens at each stage of the process, from the seller side of the transaction. This timeline is from the Transaction Coordinator perspective. The Transaction Coordinator is the person who keeps the process running smoothly. Be sure to make a checklist of this.

Day 1: Receive the MLS info from you, the listing agent. Make sure all the signatures are on the contracts correctly. Verify that the buyer has pre­approval.

Day 3: Call escrow to verify the earnest money deposit was received. Send out the seller disclosures to the sellers. Send a list of missing documents to the agent or brokerage.

Schedule the structural inspection.

Day 7: Need the mortgage loan approval letter from the buyer’s agent, if not already in the file. Days 10­12: Initial disclosures should be signed. Check with the lender, follow up with escrow, and review the file.

Days 15-­17. Buyer removes final contingencies. Get all disclosures signed.

Day 23 (or 5­7 days prior to closing, if it’s an extended closing). Check in with the lender for tentative funding date. Check in with the escrow company for expected closing date. Order the home warranty. Review the file for any missing items and send out an email to request missing items. Request the agent inspections. Receive the property verification walk­through from the buyers.

You can see how important it is to hire a Transaction Coordinator to make sure that all required tasks are done correctly and in order so if you have any questions, consult your Transaction Coordinator and/or Broker.

This is a brief synopsis of the timeline. There are many more details, and you can see that a lot of tasks need to be done in a short period of time. I suggest doing the things that you can do as quickly as possible. Don’t wait until the last minute because there will be a lot of last minute things anyway. The sooner you can get them done, the sooner you can close escrow. You may even be surprised with an early escrow closing. Wouldn’t you love to get paid early and have happy clients?