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How to Manage the Transaction and Closing Phases

Once an offer has been accepted, ListedPro moves the listing into the Transaction Phase — the heart of the deal management process. This phase keeps all parties aligned through seven structured steps: Preparations, Critical Dates, Expenses, Contract Documents, Inspection, Appraisal, and Survey & Title. After transaction details are complete, the listing flows into the Closing Phase to wrap up the deal.

Overview

Every step in the Transaction Phase is tied to the Accepted Offer, which is displayed in a blue banner at the top of each screen. This ensures all information entered is associated with the specific offer that was accepted.

The Accepted Offer Banner

[IMAGE: ezgifframe030.png — Preparations screen showing the blue "Accepted Offer | Jones_Offer_206K" banner at the top]

At the top of every Transaction Phase step, you'll see a blue bar that reads Accepted Offer followed by the name of the accepted offer (e.g., Jones_Offer_206K).

Important: This accepted offer is pulled directly from the Side-By-Side comparison in the Offers Phase. If you ever go back and accept a different offer in the Side-By-Side, all data entered across every Transaction Phase step will reset, because you are now working with a completely different offer.

Step 1: Preparations

The Preparations screen is where you track the key commitments and arrangements that need to be in place before closing. It is divided into six sections.

[IMAGE: ezgifframe030.png — Full Preparations screen showing Title Commitment and Repair Addendum sections]

Title Commitment

  1. Enter the number of days due prior to closing in the # field.
  2. Enter the due date using the date picker (mm/dd/yyyy).

Repair Addendum

  1. Use the Have repairs been requested? dropdown to select Yes or No.
  2. If Yes, set the repair due date using the date picker.

[IMAGE: ezgifframe045.png — Lower Preparations screen showing Utilities, Insurance, Financing, and Survey sections]

Utilities

  1. Use the dropdown to indicate whether all final utility arrangements have been made. Options include: Not Started, In Progress, Flagged, Blocked, Complete.

Insurance

  1. Use the dropdown to confirm whether all quotes and related insurance follow-up is complete.

Financing

  1. Set the Loan Status using the dropdown.
  2. Enter the Date Secured for the loan.
  3. Add any relevant Notes in the text field.

Survey

  1. Use the dropdown to confirm whether all existing and new survey items are complete.
  2. Add any relevant Notes in the text field.

[IMAGE: ezgifframe060.png — Closing Agent and Escrow Agent sections at the bottom of Preparations]

Closing Agent

  1. Enter the closing agent's Name, Company Name, and Email.
  2. Add any relevant Notes (the notes field doubles as a phone number field in the UI).

Escrow Agent

  1. Use the Who is holding escrow? dropdown to select one of two options:
    • Closing Agent is holding escrow — no additional fields required.
    • Escrow is held by a third party — this will expand the form to collect the third party's Name, Company Name, Email, and Phone Number.

[IMAGE: ezgifframe105.png — Third-party Escrow Agent expanded form with all fields visible]

Tip: The Escrow Agent section only expands to show contact fields if you select "Escrow is held by a third party." If the closing agent is also holding escrow, no additional information is needed.

Step 2: Critical Dates

The Critical Dates step displays all milestone dates tied to this transaction. Dates from your listing template will already appear here. You can also add custom dates at any time.

[IMAGE: ezgifframe120.png — Critical Dates screen showing list of dates including Escrow Deposit 1 and Appraisal]

Viewing and Editing a Critical Date

  1. Click the arrow icon (›) on the right side of any date row to expand it.
  2. Each date card contains:
    • Name — the label for this date
    • Select Date — the date picker
    • Status — dropdown with options: Not Started, In Progress, Flagged, Blocked, Complete
    • Description — a free-text notes field
    • Is this an escrow deposit? — Yes/No toggle
    • Trash can icon — archives the date

Adding a Custom Date

  1. Click + Add Date in the top right corner to create a new critical date entry.

Escrow Deposit Tracking

[IMAGE: ezgifframe145.png — Expanded critical date with "Is this an escrow deposit? Yes" selected, showing Escrow Details sub-form]

  1. If you toggle Is this an escrow deposit? to Yes, an Escrow Details sub-form will appear below with:
    • Amount — the dollar amount of the deposit
    • Deposit Date — when the deposit was made
    • Upload Confirmation — upload a receipt or confirmation document for this payment

Tip: Use the Escrow Details sub-form to keep a clear paper trail of all deposit activity. You can upload confirmation receipts directly to the date record.

Step 3: Expenses

The Expenses step lets you track any costs associated with this transaction throughout the life of the deal.

[IMAGE: ezgifframe175.png — Expenses screen showing an expanded Appraisal expense with all fields and an Add Receipt button]

Adding an Expense

  1. Click + Add Expense in the top right corner.
  2. Each expense card includes:
    • Expense Name — a label (e.g., Appraisal, Landscaping)
    • Amount Paid — dollar amount
    • Date Paid — date picker
    • Who Paid? — dropdown to select the paying party
    • Payment Status — dropdown (e.g., Not Started, Complete)
    • Notes — free-text field
    • Add Receipt — upload a receipt file for this expense
    • Trash can icon — deletes the expense record

Tip: You can track as many expenses as needed. Each one is stored independently and tied to the accepted offer.

Step 4: Contract Documents

The Contract Documents step is a document repository for all contracts related to this transaction.

[IMAGE: ezgifframe193.png — Contract Documents screen showing empty state and the "+ New Document" button]

Uploading a Contract Document

  1. Click + New Document in the top right corner.
  2. Upload the file from your device.

All uploaded documents will appear in the list on this screen for easy reference throughout the transaction.

Step 5: Inspection

The Inspection step is where you track four-point inspection details, upload inspection reports, and log any needed repairs.

[IMAGE: ezgifframe200.png — Inspection screen showing the 4-Point section with Status dropdown and four note fields: Roof, Electrical, Plumbing, HVAC]

4-Point Inspection

  1. Set the Status using the dropdown.
  2. Add notes for each of the four inspection areas:
    • Roof Notes
    • Electrical Notes
    • Plumbing Notes
    • HVAC Notes

[IMAGE: ezgifframe220.png — Lower Inspection screen showing "Inspection Reports" and "Suggested Repairs" tabs, with the Needed Repairs section and "+ Add New" button]

Inspection Reports

  1. Click the Inspection Reports tab to upload any inspection report documents using + New Document.

Suggested Repairs

  1. Click the Suggested Repairs tab to view the Needed Repairs list.
  2. Click + Add New to log a repair item. Each repair includes:
    • Name — description of the repair
    • Priority — urgency level
    • Status — current state of the repair
    • Details — additional notes
    • Amount — estimated or actual cost
    • Recommended Service Pro — a suggested contractor or professional

Step 6: Appraisal

The Appraisal step tracks the property appraisal status and stores appraisal documents.

[IMAGE: ezgifframe245.png — Appraisal screen showing Status dropdown, Appraisals tab, and Suggested Repairs tab]

  1. Set the Status using the dropdown (e.g., Ordered, Received, Complete).
  2. Click the Appraisals tab to upload appraisal documents using + New Document.
  3. Click the Suggested Repairs tab to log any repairs identified during the appraisal — this functions the same as the Inspection repair log (Name, Priority, Status, Details, Amount, Recommended Service Pro).

Step 7: Survey and Title

The final step of the Transaction Phase covers the property survey and title search.

[IMAGE: ezgifframe265.png — Survey and Title screen showing Status dropdown, Survey tab, and Title Search tab with status and notes fields]

  1. Set the overall Status using the dropdown at the top.
  2. Click the Survey tab to upload any survey documents.
  3. Click the Title Search tab to:
    • Set the Title Search Status using the dropdown.
    • Add Notes about the title search in the free-text field.

The Closing Phase

After the Transaction Phase is complete, the listing moves into the Closing Phase (shown as 0/4 in the phase progress bar until steps are completed).

[IMAGE: ezgifframe280.png — Top-level view showing Transaction 5/7 and Closing 0/4 in the progress bar]

Note: The Closing Phase steps are not covered in detail in this video walkthrough. Refer to the dedicated Closing Phase article for full documentation. (Related article: Closing Phase — link to be added)

Tips and Important Notes

Warning: Accepting a different offer in the Offers Phase Side-By-Side will reset all data across every Transaction Phase step. This action cannot be undone. Be certain before switching the accepted offer.

Tip: All status dropdowns throughout the Transaction Phase use the same options: Not Started, In Progress, Flagged, Blocked, Complete. Keeping these updated helps your team stay in sync.

Tip: The Transaction Phase progress bar (e.g., 5/7) at the top of the screen reflects how many steps have been marked complete. Use this as a quick at-a-glance indicator of where the deal stands.