What are the first three steps that should be taken in a closing transaction?

The correct response outlines essential initial actions that should be prioritized during a closing transaction.

Understanding the timeline in a real estate transaction is crucial as it helps all parties involved coordinate and manage their responsibilities effectively. The timeline dictates when certain actions need to occur and ensures that deadlines are met for things like inspections, appraisals, and loan approvals.

Also, copies of the contract are fundamental in a closing transaction as they serve as the legal foundation of the agreement between the buyer and seller. Having the contract readily available allows for transparency and clarity for all parties involved, preventing potential misunderstandings.

Lastly, knowing the MLS status is important as it reflects the current standing of the property in the market. This status can offer insights into whether the property is still active, contingent, or sold, influencing decisions during the closing process.

These steps provide a framework of understanding and verification that is necessary before moving forward with more complex actions, ensuring that all parties are aligned and that all legal documentation is in order.