Overview
We get it, every buyer’s journey is distinct. Our Contract to Close services for buyers are all about flexibility. As soon as that contract is inked, we spring into action, adapting our support to match the specific requirements of your transaction. Our commitment to a smooth and hassle-free experience means you can concentrate on what matters most: guiding your clients to their dream homes, while we handle the rest. Here’s an example of some of the services we can offer:
- Document Preparation: We meticulously prepare all necessary paperwork, ensuring accuracy and compliance with legal and industry standards. From contracts to disclosures, we handle it all.
- Signature Management: We streamline the signature process by utilizing secure digital platforms, allowing for efficient and convenient signing of documents.
- Contract Review: We thoroughly reviews contracts to identify any potential issues or discrepancies, ensuring your interests are protected throughout the transaction.
- Tracking of Timelines: We meticulously manage timelines, keeping a close eye on crucial milestones and deadlines to ensure all parties involved stay on track. Through consistent systems, we monitor and follow up on pending items to ensure timely resolution, staying on top of every aspect of the transaction.
- Effective Communication: We act as the central point of contact, proactively following up with escrow, lenders, and agents to keep everyone informed and address any questions or concerns promptly. We understand the importance of keeping all parties informed, ensuring transparency and peace of mind.
- Broker File Management: We maintain organized and up-to-date broker files, ensuring easy access to essential documents for future reference or audits.
Detailed Buyer-Side Contract to Close Services
Referral: If this is a referral, throughout the entire process, keep the referral agent informed (i.e., gone under contract, option period over, looking good to close, and closed).
Unrepresented Seller: Make sure to send to them everything that I’d send to a listing agent.
Executed Contract Delivery: Send Executed Contract to Everyone (listing agent, title, lender, and buyer).
Earnest/Option Money Coordination: Work with buyer’s agent and/or buyer regarding getting earnest money and option fee to the title company.
Verify MLS Updated: Verify listing agent updated the MLS – Status is now Under Contract, Under Contract w/Contingency, or whatever is appropriate.
Key Dates: Add Key Dates to Agent’s calendar.
Review Contract: Make sure have all the parts and pieces, contract seems correct and logical, and that everything is signed/initialed. If anything is missing or incorrect, notify buyer’s agent and get it resolved (request documents, prepare Amendment, send for signatures/initials).
Earnest/Option Money Delivered: Verify earnest money and option fee money has been deposited with Title. Update the Executed Contract to be “Fully Receipted” Contract. Send copy to buyer.
Inspections: Notify the listing agent regarding inspections (and scheduled dates/times) that the buyer wishes to perform.
Title Company Forms: If the title company has special forms for the buyer to fill out, make sure the buyer gets those forms, fills them out and returns them to title.
New Survey: If one is required (provided by the buyer), find out how the buyer wants to get that ordered (directly themselves, directly with our help, or let the title company do it). Get whatever required Authorization forms signed by the buyer and delivered. Make sure the title company and surveyor know who each other are and that the title commitment will be shared with the surveyor. Obtain the new survey’s ETA and follow up on it.
Compliance: Change status to under contract, upload docs, submit for review, notify buyers agent of any issues, and at agent’s direction, resolve any issues and resubmit
Commercial: If not done by listing agent or title company, prepare a Commercial Contract Critical Date List and send to all parties; request any contract required Property Information, Estoppel Certificate(s), and UCC Search from the listing agent and forward to buyer.
New-Build Residential: Work with Builder to determine when the property will be ready for surveyor’s visit, notify surveyor and Title of that date, follow up on new survey until it’s received, get important documents from the Builder (Certificate of Occupancy, copies of city inspections, lender required documents from the Builder, Builder Warranty info, etc.) and forward to buyer’s agent and lender, schedule time for Builder to meet buyer at the home and go over the systems, and follow up with buyer’s punch list items.
Third Party Financing: if being used, obtain appraisal ETA, follow up with lender regarding appraisal (received, appraisal value?), buyer approval, and are they clear to close?
HOA: Verify that the HOA docs have been ordered, get their ETA, and track status of them.
Amendment(s): Prepare and get amendment(s) signed and send out executed copies to all the relevant parties.
Deadlines Approaching: Notify buyer’s agent when Option Period (Feasibility Period) and Buyer’s Lender Financing Approval deadlines are approaching. If Feasibility Period is extended, verify earnest money was received by title, and note new Feasibility Period end date.
Next Steps to Buyer: Once Option Period (Feasibility Period) has ended, let buyer know what the next steps are (i.e., how to verify repairs, utilities, explain the appraisal process, remind them to forward address with Post Office, explain buyer walk-through, and how we’ll handle scheduling closing).
Objections: Does buyer object to commitment, survey, HOA docs, UCC search, or anything else they can via the contract? Notify the listing agent and title. At buyer’s agent’s direction, request or prepare any Amendments or other documents needed to resolve the issue(s).
CDA: Request Commission DA from broker, follow up on receiving it, and forward to title. If there was a referral, do a last minute verification of the referring agent’s address to use to send their check to. If a price change is agreed to after receiving a DA, request a new DA.
Title Commitment: Has it been received? Read through it… any weird things that need to be addressed?
Schedule Closing: Verify title and lender are on target for the desired closing date. Determine if buyer will need a mail-out closing, if not, schedule the in-person office closing. Send confirmation email to buyer letting them know what to bring (especially if they are using a Power of Attorney) and where to go.
Repairs: If required, obtain receipts/paid invoices/photos/etc.
Coordinate Buyer’s Walk Through: Work with listing agent and buyer’s agent for how to handle keys, garage door openers, etc. Also, when does buyer wish to do their final walk through?
Extended Closing Needed: Create Amendment and get signatures, execute it, send to all parties (if there is a Seller’s Temporary Residential Lease, make sure it’s extended, too); Update broker compliance software & agent transaction tracking software. If a closing appointment has already been set, reschedule it.
Preliminary HUD: request it and review it. Notify title if there are any errors and re-review any corrections. Send preliminary HUD to buyer and remind them of closing appointment details.
Perform Post Closing Tasks: verify with title that property has closed and funded, notify runner/agent that checks are ready (or request title to deliver checks), verify that property is marked as sold in the MLS with correct credit given for selling agent, get copy of final signed HUD and Buyer’s Walk Through form, upload final documents to Broker/Compliance software and change status to closed, update Agent transaction software, send congratulations email to buyer and request buyer’s birthday, update buyer’s address in Agent’s CRM.
Contract Terminates: If this regretful situation should occur, prepare Notice of Termination and Release of Earnest Money form, and get them signed and sent to the title company and lender. Notify referral agent, if there is one. Upload documents to the Broker’s Compliance software, change the status to Terminated.
Talk to us
Ready to simplify your real estate transactions and boost your productivity? Let’s discuss how our expert coordination services may benefit your business. Schedule a discovery call today!