GRAND AVENUE REALTY > More Homebuying Options - Best Quality Controls - Education

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QUALITY CONTROL CHECKLIST

danger points during a transaction

Also see the BUYERS tab (listed above) to review the quality control steps in chronological order that occurs during a real estate transaction.

SEE BELOW > Confirm these issues as you go...

It is important to work from a checklist while you are buying a home.  The Buyers Agent and the Listing Agent and their Transaction Coordinators work from lists. At the same time, the Loan Processor and Escrow Officer are also working from checklists. You have to monitor the major potential danger points listed below.

AUDIT CHECKLIST - prior to offers

Buyer is not pre-approved

x

Buyer does not have cash to close

x

Buyer does not understand costs associated with purchase

x

Buyer cannot close transaction by the agreed deadline

x

Buyer does not understand dangers of buying tenant occupied home

x

Seller does not understand dangers of allowing buyer to occupy home prior to closing

x

Buyer and Seller does not understand buyer must sell existing property before the they finish buying

 

If a buyer needs their home to sell before closing their purchase, they must disclose the situation to the seller. The contingency clause will define the condition or action a real estate contract meets before becoming legally binding. While this is a simple requirement, it’s imperative to avoid delays and ensure all parties are on the same page. 

AUDIT CHECKLIST - first 3 days

Purchase agreement details not reviewed

x

Buyer and Sellers not clear on items that will stay with the house

 A lot of standard real estate contracts contain a clause where the parties select which items convey with the house such as appliances, fans, lights, draperies, outdoor items, etc. It’s important to thoroughly review this list. It’s also important to write-in any items that are not specifically noted by default. If there is any question about what items convey with the home, they should be written out for all parties to see and agree on.  

Buyer does not know property is in high tax area

x

Sellers did not disclose property is in default or foreclosure

x

Sellers not ready for appraisal including co2/smoke detectors and water heater straps

x

Buyers and/or Sellers names do not match paperwork (or buying in a trust)

One of the most simple yet easily missed items on the contract is using the proper names for the parties. Not only is this important for title purposes, but lenders rely on this information when they are prepping their documents. Party names should be consistent with their identification. If the buyer or seller is an LLC or INC, the proper business name should be used. If the buyer or seller is a Trust or some other “estate,” then the individual authorized to sign should be the seller.  

AUDIT CHECKLIST - day 4 to day 7

Home Owners Association documentation not reviewed

x

Title pre-lim report leins and issues not reviewed

x

Natural hazards report not reviewed

x

Appraisal shows repairs needed

x

Seller does not cooperate with other needed inspections

x

AUDIT CHECKLIST - day 8 to day 17

Seller does not deliver their mandatory disclosures in 7 days

x

Buyer cannot close transaction by the agreed deadline

x

Buyer does not finish their inspection tasks in 17 days

x

Buyer and Seller do not agree on repair issues

x

Buyer tells lender about new repair issues

x

Buyer does not sign contingency waiver for appraisal and inspection

x

audit checklist - day 18 to day 21

Buyer's loan is not formally approved

x

Buyer does not sign contingency waiver for loan

x

audit checklist - day 22 to closing

Buyer not ready for move in and utility setup

x

Lender does not have "clear to close" 7 days prior to deadline

x

Buyer and Buyer's agent discover new issues during final walk thru

x

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