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THE TRANSACTION Powered By Docstoc
					                                 THE TRANSACTION
LISTING AGENT                                                         SELLING AGENT
DAYS ACTION                                       DAYS      ACTION
1-7   Open Esrow – Provide completed              1-3       Log buyer’s deposit check into
      purchase contract and counter                         Broker’s Trust Fund Log – Take
      offers. Provide a contact info sheet.                 check to escrow. Give copy of
                                                            purchase contract & counters to loan
1-7      Fill out all disclosure forms with       1-7       Arrange for buyer’s physical
         seller/ order Natural Hazard Report                inspection.
         / Provide Earthquake Booklet.                      If listing agent has not provided
         Give all completed disclosures to                  disclosures by day 7 – fill out “Notice
         selling agent for buyer’s signature.               to Seller to Perform” give to listing
1-7      Arrange for termite inspection,          1-17      Review all disclosures with buyer.
         once completed give a copy to                      Sign where indicated. Review
         selling agent for buyers review.                   physical inspection & fill out
                                                            “Request for Repairs” form.
1-17     Review buyer’s Request for               1-17      By day 17 (calendar days from
         Repairs with seller and respond.                   acceptance) buyer must decide to stay
         **Seller does NOT have to repair                   in the deal or not. If buyer decides to
         anything, including code items,                    stay – fill out “Contingency Removal
         however seller might lose buyer.                   Form” and give to listing agent.
17       Request buyer remove all                 10-17     Make sure loan officer is doing
         contingencies. If buyer delays –                   his/her job; getting loan approval.
         Fill out “Notice of Buyer to                       Make sure buyer is cooperating with
         Perform” and give to selling agent.                loan officer.
18 to    Make sure seller is fixing repairs,      5 days    Conduct a walkthrough of the
End      and termite company is completing        prior     property with the buyers making sure
         termite issues. Make sure seller is      to        repairs are complete, and no new
         packing!                                 COE       damage has occurred to the property.

The above timeframes are standard in the Purchase Contract and maybe negotiated between
buyer and seller. So conduct the above actions according to the agreed upon timeframes.

Escrow Actions: Escrow will provide additional escrow instructions and address any changes or
modifications to the contract during the escrow period. Escrow will send out the instructions for
signatures. Escrow will order the Preliminary Title Report and send copies to all parties.
Escrow will coordinate with the loan officer a time for loan doc signing.

Escrow is not interested in any of the disclosures, other than the termite report. Any bills
needing to be paid by seller or buyer should be submitted to escrow, so the officer can collect the
funds and disburse them to the appropriate parties.

**The most critical timeframe is the first 17 days. During this time the buyer can cancel for any
reason and get his deposit back. (with mutual agreement of the seller in writing)

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