While it's true that every real estate transaction is unique, they all follow the same essential proceedings. That doesn't mean you should find a checklist online, though, and take a DIY approach. After all, there’s undoubtedly a lot at stake. Whether you’re the buyer or seller, it’s wise to enlist help from a real estate attorney before tackling all the necessary steps, which include the following. 

3 Stages of a Real Estate Transaction 

1. Open an Escrow Account

By opening an escrow account, you’re essentially transferring the funds for sale to a neutral third party until closing. You’ll also place all critical documents and contracts into the hands of the account manager for safekeeping. Both the buyer and seller need time to perform due diligence without fear that they’ll be cheated along the way. It typically takes five to seven weeks to finalize a transaction, and a lot can go wrong in that time. 

An escrow agent is responsible for helping the buyer and seller set up the account. The name of the escrow company should’ve been specified in the initial purchase agreement. Generally speaking, each party's realtor will handle all correspondence with the escrow agent.

The title is simply the legal document that states which parties own the property in question, and whether they own it free and clear. If there happens to be more than one claim to the park, issues will inevitably arise during the transaction or shortly after that.

Title issues that can impede the sale include undisclosed heirs, tax record errors, boundary disputes, forged documents, and open liens. Should any such defects exist, a real estate lawyer can help you determine the best way to proceed.

3. Complete Required Inspections 

You should never purchase a home without first hiring a professional to inspect the property. While the inspection may not reveal every single problem, it should inform you of any major issues. Professional home inspectors will evaluate the structural integrity of the property, as well as its HVAC, plumbing, and electrical systems. If you are taking out a mortgage, the lender will likely require a pest inspection, as well.

If the inspector identifies any significant issues, the buyer might ask the seller to make the necessary repairs before closing or might negotiate for a lower asking price. Once both parties agree on the new terms of the sale, it will be time for the buyer to lock in the interest rate and then deposit the down payment into the escrow account. 

To protect your best interests when buying or selling property, turn to the real estate attorneys at Sippel Law Firm PLLC. Located in Kingman, AZ, this practice has been counseling clients throughout Mohave County for more than 40 years. When facilitating significant transactions, their real estate attorneys are proud to work alongside realtors, title companies, and lenders so they can streamline the proceedings. To request a consultation, reach out on their website, or call (928) 753-2889.