Real Estate Compliance

Ultimate Real Estate Transaction Checklists for Georgia Agents: Buyer’s and Seller’s Must-Haves

By May 28, 2024 No Comments

Here are two checklists, one for buyers and one for sellers, that Georgia real estate agents can use to ensure compliance:

Buyer’s Checklist:

  1. Obtain Pre-Approval: Ensure the buyer has obtained pre-approval for a mortgage loan from a reputable lender.
  2. Review Agency Disclosure: Provide the buyer with the required agency disclosure form and ensure it is signed and dated by all parties.
  3. Educate on Fair Housing Laws: Inform the buyer about fair housing laws and ensure all property showings and transactions adhere to these regulations.
  4. Review Purchase Agreement: Review the purchase agreement with the buyer, explaining all terms and conditions, including contingencies, earnest money, and closing costs.
  5. Schedule Inspections: Assist the buyer in scheduling home inspections, including a general home inspection, termite inspection, and any other inspections deemed necessary.
  6. Review Closing Documents: Provide the buyer with copies of all closing documents, including the closing disclosure, title insurance, and any other relevant paperwork.
  7. Coordinate Closing: Work with the buyer, seller, lender, and closing agent to ensure a smooth closing process, including scheduling the closing date and coordinating the transfer of funds.
  8. Ensure Funds Transfer: Verify that all funds required for closing, including earnest money and down payment, are transferred to the appropriate parties in accordance with Georgia law.
  9. Provide Post-Closing Support: Offer post-closing support to the buyer, including assistance with any questions or issues that may arise after the transaction is complete.

Seller’s Checklist:

  1. Prepare Property for Sale: Assist the seller in preparing the property for sale, including staging, repairs, and cleaning.
  2. Determine Listing Price: Conduct a comparative market analysis to determine the appropriate listing price for the property.
  3. Disclose Property Condition: Ensure the seller completes all required property disclosure forms, disclosing any known defects or issues with the property.
  4. Review Listing Agreement: Review the listing agreement with the seller, explaining all terms and conditions, including commission rates and marketing strategies.
  5. Market the Property: Implement a comprehensive marketing plan to attract potential buyers, including online listings, open houses, and advertising.
  6. Negotiate Offers: Present and negotiate offers on behalf of the seller, ensuring all terms are in compliance with Georgia real estate laws and regulations.
  7. Coordinate Inspections: Assist the seller in coordinating home inspections and addressing any repair requests from the buyer.
  8. Facilitate Closing: Work with the seller, buyer, lender, and closing agent to facilitate a smooth closing process, including providing necessary documents and ensuring all legal requirements are met.
  9. Provide Post-Closing Support: Offer post-closing support to the seller, including assistance with any questions or issues that may arise after the transaction is complete.

By following these checklists, Georgia real estate agents can ensure they are in compliance with state laws and regulations while representing buyers and sellers in real estate transactions.

About Terin Branhan