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The Overall Process

Every transaction is different. But here’s a general guideline to follow from the time the contract is accepted to close of escrow.


RATIFIED CONTRACT

Check dates with calendar,

Study contract terms,

Share affiliate contact info with other agent.


REPORT THE SALE

Turn file in to Broker,

L/A changes status on MLS

L/A sends contract to title,

B/A send contract and prelim to lender.


DEPOSIT CHECK

B/A delivers buyers deposit check to title,

Title disburses receipt to all parties.


DISCLOSURES

L/A provides seller disclosures and reports to B/A,

B/A reviews and obtains Buyer signatures,

B/A copies and returns originals to L/A.


INSPECTIONS

Responsible party orders inspections, confirms access and notifies other agent of scheduled time.

Inspections are performed and reports are disbursed.

Responsible party confirms billing is processed correctly.


CONTINGENCIES

B/A meets with Buyer and Lender to confirm removal status,

Buyer signs removal form,

B/A sends removal to L/A,

L/A updates MLS to no show status and home warranty is ordered.


REPAIRS

Any repairs to be done prior to close are now authorized and scheduled by the responsible party, the work is then performed, and completion/clearance reports are disbursed.


FILE AUDIT

Audit file for anything missing, send to title for signatures in escrow, verify escrow file, make sure they have all reports and invoices to be paid thru escrow, confirm terms, send title commission demand, and schedule buyer final walk thru or get waiver.


BUYER LOAN DOCS

B/A follows up with Lender on doc status,

Lender sends docs to title, title then notifies B/A once docs are received.

B/A schedules buyer sign off appt with title,

B/A reviews title’s estimated closing costs, title signs off Buyer and informs Buyer how much money is needed to fund.

Title packages signed loan docs back to the Lender for review of final conditions, funder reviews loan file and puts in line to fund.


SELLERS LOAN PAYOFF

L/A confirms with title that payoff figures are in and obtains an estimated net sheet.

L/A schedules the seller sign off appt with title, title signs off seller and finds out how they wish to obtain their proceeds.


FUNDING/RECORDING

Title will confirm once all funds are received by lender and buyer the day before close of escrow.

The day of closing, title will confirm recording of the deed.

B/A to obtain all keys and deliver possession to the Buyer.


CLOSE OUT FILE

Obtain closing package from title and commission check from Broker, obtain any documents you asked to have signed in escrow to complete your file.

L/A reports close to MLS.

Make closing package and distribute for client records.

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