Overview
At Nigro TC, we know that no two transactions are alike. That’s why our Contract to Close services for sellers are designed with customization in mind. From the moment the contract is signed, we’re in your corner, tailoring our support to fit the unique needs of each transaction. Our meticulous attention to detail and dedication to your success mean that you can wave goodbye to stress and focus on closing deals that make a difference. 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 Seller-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 Buyer: Make sure to send to them everything that I’d send to a buyer’s agent.
Executed Contract Delivery: Send Executed Contract to buyer’s agent, title, lender, and seller.
Additional Documents: If Contract has Seller Delivering any Documents (Survey, T-47, leases, etc.), send all required documents to Buyer’s Agent, title company, and if appliable, lender. If don’t have some of the documents, contact the seller and emphasize the importance of them providing those docs.
Seller’s Estimated Net Proceeds: Make sure have a signed version that matches the contract
Update MLS: Notify agent to update MLS – Mark as Under Contract.
Sign Coordination: Work with Sign Runner for coordinating sign riders (Under Contract, Sold)
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 listing agent and get it resolved (request documents, prepare Amendment, send for signatures/initials). If Broker requires it, and we don’t have it, request pre-qual/proof of funds letter from buyer’s agent.
Earnest/Option Money: Verify earnest money and option fee money has been deposited with Title. Update the Executed Contract to be “Fully Receipted” Contract. Send copy to seller.
Inspections: Keep the seller in the loop regarding inspections (and scheduled dates/times) that the buyer wishes to perform.
Title Company Forms: If the title company has special forms for the seller to fill out, make sure the seller gets those forms, fills them out and returns them to title.
New Survey: If one is required (provided by the seller), find out how the seller 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 seller 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 listing agent of any issues, and at agent’s direction, resolve any issues and resubmit
Commercial: Prepare a Commercial Contract Critical Date List and send to all parties; request any contract required Property Information from the seller and forward to buyer’s agent. Also, if required, track status of Estoppel Certificate(s) and UCC Search.
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, make 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 listing 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 Seller: Once Option Period (Feasibility Period) has ended, let seller know what the next steps are (i.e., how to handle 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).
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 seller will need a mail-out closing, if not, schedule the in-person office closing. Send confirmation email to seller letting them know what to bring (especially if they are using a Power of Attorney) and where to go.
Repairs Follow-up: If repairs were required, obtain receipts/paid invoices/photos/etc. and forward to the appropriate parties.
Seller’s Shield: If seller elected to purchase Seller’s Shield coverage, notify Seller’s Shield of closing information.
Coordinate Buyer’s Walk Through: Work with listing agent, sellers, 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 closing appointment has already been set, reschedule it.
Preliminary HUD: Request it and review it compared to Seller’s Estimated Net Sheet. Notify title if there are any errors and re-review any corrections. Send Estimated vs Actual Costs sheet to seller 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), notify agent to mark property sold in the MLS (and all other posted locations), notify sign runner to pick up sign/rider and lockbox, unassign Supra lockbox, 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 seller and request seller’s birthday, update seller’s address in Agent’s CRM.
Contract Terminates: If this regretful situation should occur, prepare/receive 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. Remind listing agent to update the MLS to change the status back to Active. Update any other locations the property has been listed (Crexi, Lands of Texas, etc.).
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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!