Timeline Management & Deadline Tracking Flashcards

A 'possession date' in a real estate transaction most commonly refers to:

Answer: When the buyer takes physical possession of the property, often at or after close of escrow

The possession date is when the buyer is entitled to take physical occupancy of the property, which may coincide with or follow the close of escrow depending on contract terms.

Which milestone on a transaction timeline indicates that the lender has reviewed all documents and is ready to fund the loan?

Answer: Loan approval / clear to close (CTC)

A 'clear to close' (CTC) from the lender indicates full loan approval and readiness to fund, meaning all underwriting conditions have been satisfied.

If a contract is set to close in 30 days and the appraisal has not yet been ordered on day 10, what should the transaction coordinator do?

Answer: Immediately notify the agent and buyer's lender that the appraisal order is overdue

A TC should proactively flag timeline risks to relevant parties so corrective action can be taken before a deadline is missed and the closing is jeopardized.

What document is used to officially record any agreed-upon changes to the original contract closing date?

Answer: A contract addendum or amendment

Any modification to a contract term, including the closing date, must be documented in a written addendum or amendment signed by all parties to be legally effective.

The 'final walkthrough' is typically scheduled how close to the closing date?

Answer: 1–5 days before closing

The final walkthrough is scheduled 1–5 days before closing so the buyer can verify the property's condition, confirm repairs were made, and ensure nothing has changed since the inspection.

What does it mean when escrow instructs the buyer that funds must be 'wired' rather than sent by personal check?

Answer: The closing funds must be electronically transferred to escrow by the specified deadline, as personal checks are not accepted for closing

For security and clearing time reasons, escrow companies typically require closing funds to be wired electronically by a specific deadline rather than via personal check.

Which of the following best describes a transaction coordinator's role regarding the 'recording' step at the end of a transaction?

Answer: The TC tracks whether the deed has been recorded by the county and notifies all parties that the transaction is officially closed

The TC monitors and confirms recording of the deed with the county, then notifies all parties—agents, buyers, sellers—that the transaction has officially closed.