Most buyers meet with a lender to get pre-approved for a loan before submitting an offer on the house. Ensure all parties have examined the transaction timetable and are on the same page to respect the contract and meet the requirements for the ownership transition on time.

When an unforeseen event occurs, you must proactively get back on track as soon as possible. Timelines are essential, and you should make every effort to meet them. This contingency allows the buyer to back out of the deal if their mortgage falls through and prevents them from completing the purchase. Loan (or finance) contingency: A buyer has a certain amount of time to secure a loan if they decide to finance the purchase.

Insurance company/agent: Homeowner’s insurance is crucial and is required by the lender even if you purchase a home with cash, it is a good policy to secure insurance on the home.

Inspection company(ies)/inspectors: Always avoid liability―have your buyer hire professional inspectors (e.g., home inspectors, termite inspectors, radon inspectors, pool inspectors, roof inspectors, and chimney inspectors).

Accountant: Similar to attorneys, agents should never give financial advice, and clients should consult an accountant for financial-related information.

Attorney (if applicable for state): Real estate agents never give legal advice, so clients should always consult an attorney for legal questions.

Escrow company/escrow officer: Holds and manages the funds during a real estate transaction until closing.

Title company: Verifies that the title to the property being purchased is legitimately given to the buyer.

Lender/loan officer: Bank institution that is financing the sale for the buyer.

Transaction coordinator (for buyer and seller’s agent, if applicable): Individual working for each agent’s firm who helps coordinate the transaction timeline and documentation.

Seller’s agent: Representation for the seller(s).

Buyer’s agent: Representation for the buyer(s).

Seller(s): Client(s) who are selling the home.

Buyer(s): Client(s) who are purchasing the home.

The real estate closing checklist for buyers should list the following people:

Pocket buyer real estate