A. LISTING PREPARATION AND MARKETING
1. Listing paperwork and all disclosures are filled out.
2. Staging takes place (optional)
3. Natural Hazard Disclosure is ordered.
4. Termite Inspection is ordered (If included in the negotiation)
5. Preliminary Title Report is ordered.
6. Homeowner’s Association Documents are ordered if needed.
7. Property Pictures are taken including Virtual Tour photos.
8. Floor plan of property drawn (optional)
9. Property fliers are prepared.
10. Sign is ordered “up” for placement on property.
11. Lockbox and fliers with stand are taken to property.
12. Advertisement copy is prepared.
13. Broker & Public open houses are scheduled.
14. Listing is entered into multiple listing services
15. Advertisements are placed in local newspapers for open house.
16. Listing goes to Yahoo, Craig’s List, Realtor.com, Zillow, Trulia.
17. Email advertisement (flier) is sent to all agents within Los Angeles County
18. “Reverse-prospecting” set up to alert agents for their prospects.
19. Mail-outs are prepared for dissemination.
20. Broker open houses completed (with food & drink or drawing if preferred)
21. Open House to public is completed.
22. Termite Inspection is completed.
23. Natural Hazard Disclosures arrive for sellers’ signatures.
24. Termite Inspection report arrives, reviewed with seller.
25. Offers received, reviewed and negotiated until one is accepted by seller.
B. SALE PROCESS (not necessarily in this order and some items are done simultaneously)
1. Buyer’s deposit monies, copy of purchase contract and counter offers (if any) are sent to escrow along with termite report, Natural Hazard Disclosures and Preliminary Title Report, i.e. “Escrow is opened.”
2. Seller’s Property Disclosures are given to buyer for review and approval (within 7 days of acceptance of offer).
3. Proof of buyer’s funds to close escrow forthcoming (within 7 days of acceptance; if not received, “Notice to Perform” is given).
4. Loan approval process for buyer begins.
5. Physical Inspection is performed by buyer (seller must make property available on buyer’s
Schedule)…at same time, both agents must do their visual inspection of the property and fill out the proper forms and that is also given to buyer.
6. Buyer reviews inspection report and if needed, orders follow-up inspections (for example, if the roof is leaking, they might call out a roofer.)
7. Buyer then makes a response regarding his approval of the physical inspection (within agreed upon time frame, otherwise, we give a “Notice to Perform.”)
8. Seller then responds to buyer.
9. Buyer removes inspection and disclosure contingencies.
10. Escrow paperwork is received from the escrow company with various documents. These documents are to be completed and returned within 5 days so that escrow can start processing the file. The Grant Deed will need to be notarized – the escrow officer is a notary and will be happy to notarize it if you wish.
11. Within the paperwork from escrow will be forms associated with capital gains tax.
12. If your property is in trust, escrow will need copies of some of the pages (they will tell us which ones). If you wish, you make take the trust into escrow, and the escrow officer will be happy to make copies of whatever pages they need.
13. Property is appraised by buyer’s lender.
14. Signed disclosures are received back from buyer’s agent.
15. Buyer removes appraisal and loan contingencies within the given time frame. (If not, “Notice to Perform” is sent to agent.)
16. Title Insurance is ordered for buyer.
17. Home Warranty is ordered for buyer.
18. If escrow closing date is close to a property tax due date, and cancelled check cannot be obtained prior to close of escrow, a Cashier’s Check should be taken to escrow and escrow will have a messenger hand-carry it to the County Recorder’s Office so as to get a receipt. Otherwise, escrow will have to hold tax monies after the close of escrow, until they have proof that the money has cleared and taxes are paid.
19. Physical Inspection repairs that the seller agreed to do are completed so that buyer may approve them at the “Walk-Through” inspection within 5 days of closing of escrow.
20. Seller has pest repairs completed if necessary. If “tenting” the property is necessary, property will have to be vacated for 2 nights and 3 days if tenting is done Monday through Friday; if done on Saturday, 3 nights and 4 days will be required.
21. Buyer goes to escrow and signs loan documents.
22. Closing Statement estimate is given to seller for signature showing approximate proceeds. If you wish your proceeds to be wired directly to a bank account, escrow will need the wiring instructions from you with additional paperwork.
23. “Walk-through” is done by buyer verifying its condition and approval. This is also the time the seller explains to buyer things the buyer needs to know about the house that are unique, such as special keys or light switches, safe, etc.
24. Monies for completion of transaction provided to escrow by buyer.
25. Transfer of utilities are called in by both the buyer and seller (cable and phones cannot be transferred).
26. Lender “funds” the loan, called “funding.” (This is process of money being actually transferred from the buyer’s lender to the Title company account for distribution).
27. The next business day following the “funding,” the deed and other necessary documents are delivered to the County Recorder’s Office for “recording;” escrow receives a phone call confirming that the recording has taken place (called “confirmation”) at which time, the escrow is officially “closed.”
28. Keys are turned over to the buyer.
29. Escrow officer concludes paperwork and disburses monies. If the “confirmation” does not occur early enough in the day, the final paperwork will not be processed nor will funds be disseminated until the following business day.
Vivian Long,
Real Estate
Broker
Vivian Long, Broker-Associate, ABR, CRS, E-PRO, GRI, LTG, PMN, SRES
REMAX/OPTIMA 333 E Glenoaks Suite #100 Glendale, CA 91207
Listing & Sale Process Steps
STEPS IN THE REAL ESTATE TRANSACTION
BRE#00981087
(818) 571-0435