Typical Transaction Process
The Path of Many Successful Transactions
This represents the "typical" real estate transaction from the perspective of a seller. While no two transactions are alike, and no transaction will follow this model with precision, many do follow the general format outlined. As a participant in this process, you will be better equipped for activity in the real estate investment market by knowing what to expect in any given real estate purchase or sale.
The process begins with preparation for the sale. Once AGENCY has been clearly outlined and explained to a customer, the property is then LISTED for sale on the open market. Last, the sellers and real estate agents work dilligently to PREPARE the property for showings. This could involve anything from general clean up, to major repairs and property improvements.
Once the property is listed on the market and prepared for interested buyers, the real estate agent will PROMOTE AND MARKET the property through a number of mediums including the Multiple Listing Service, online platforms, personal outreach, alongside mass mailers in both electronic and hard-copy formats. Once responses begin to come in, the property will be SHOWN to potential buyers. Seriously interested candidates will write and submit OFFERS, which begins the NEGOTIATION phase. Finally, when a price is agreed upon by both the buyer and the seller, the offer is ACCEPTED. (It is important to note that a property is not considered sold at this stage in the process, however, the end of the transaction process is nearing.)
Once a contract is signed with the accepted offer, a series of INSPECTIONS, CONTINGENCIES, FINANCING, and APPRAISAL services must be secured, in addition to an ATTOURNEY TITLE SEARCH being conducted. All these must fall into place in order for the real estate agent to adequately PREPARE FOR THE CLOSING. Upon completion of everything, there is ususally a CLEANING AND FINAL WALK-THROUGH in order to ensure the property is in full arrangment for a successful closing.
At the CLOSING, papers are signed, title is transfered, agents are paid, and the buyer has the privelege of becoming a new owner of Burlington, Vermont real estate!