Which document should be included in a file as a transaction progresses?

The essential document to include as a transaction progresses is the inspection report. This report plays a critical role in the real estate transaction process as it provides an overview of the property's condition, highlighting any issues that may need repair or maintenance. Including this document in the file is vital for various reasons: it allows all parties to be informed about the property's status, aids in negotiations related to repair requests or price adjustments, and fulfills any legal or disclosure obligations.

As the transaction moves forward, the inspection report serves as a reference for both buyers and sellers, ensuring transparency and a clear understanding of the property’s condition. It also helps agents facilitate discussions about how to proceed based on the findings, making it an integral part of the transaction documentation from that point onward.

While other documents such as the Exclusive Buyer Brokerage Agreement, Sales Agreement, and Agent Commission Agreement are important within specific contexts of the transaction, the inspection report’s relevance and necessity evolve as the deal progresses, reinforcing why it should be included in the transaction file.