What are the steps in a real estate transaction?
When a seller offers their property for sale and a buyer agrees to purchase it, there’s a few things that need to happen prior to the closing and title transfer. At Knapp Properties, we understand this process can be overwhelming and will walk you through our steps so you know what to expect when working with our brokers. Our real estate transaction process includes touring properties, selecting a property and negotiating terms, setting a closing date, and moving in!
1. Tour Real Estate Listings Your Real Estate Broker Offers
We make it easy for you to tour our commercial and residential real estate listings in Central Iowa. Before you begin touring your options, it’s important to understand your motivations for investing in real estate. Our real estate brokers are here to help you assess your options and make the best decision for your company or family.
Contact Brian Erickson, CCIM, or Angie Tessau, CCIM, to tour real estate properties or use our property tool.
2. Select A Real Estate Property and Negotiate Terms
Once we find the right property for you or your company, a real estate purchase offer or contract will be put together. The contract outlines how much you want to pay for the property, the terms and conditions of the purchase, and legal requirements. You will work with your real estate broker to determine a reasonable offer based on your own desires and the trusted agent’s advice and knowledge of the area.
Land sale amendments – a document that makes a change to a ratified contract – are a part of the real estate contract negotiation process for land and lot sales. To determine the right offer, reach out to our real estate transaction management team.
What is transaction management in real estate?
A transaction management company can be very advantageous for you and your business. We will walk you through and help with the financing and transaction process of your investment so that you can focus on your business while saving time and money.
At Knapp Properties, our residential, commercial and facilities real estate transaction management services team is experienced and there to support you. We listen to your goals and work together to come up with a plan to achieve them.
3. Set A Closing Date
When you set a closing date and finish any agreed upon repairs or improvements to the property, you’re one step away from moving in. We encourage sellers and buyers to settle on a closing date that is convenient for everyone involved.
Choosing the right closing date can reduce your closing costs and ensure the rest of the closing process goes as smoothly as possible. Choosing the wrong closing date can cause costly delays, and in some extreme cases, cause the whole deal to fall apart. Your real estate broker will help you determine a beneficial closing date that takes you, the seller, and your mortgage lender into account so that all parties can stay coordinated.
4. Move in
You’ve signed your closing papers and should be proud you’ve made it to this point of the transaction process. Though it seems like a lot of work and a long time coming, taking the time and effort to make sure everything is right is important. Now, you’re ready to move into your new property!
Our brokers at Knapp Properties will help you every step of the way. It’s our goal to make this process go as smoothly as possible while meeting your personal needs and goals. We utilize our experience and knowledge of the area to come up with a feasible plan for you while eliminating the potential for any problems you could face in the long run.