I.. Once the buyers, and sellers have ratified the purchase contract, you now enter the escrow period. Make every effort to follow the timeline as described hereafter.
A. Open escrow with the title company, within 24 hours, or one business day.
1. Contact the title company. Determine the method for delivering contract.
2. Provide a complete copy of your file to the title company.
3. If buyers presented a check, give the check to the title company.
4. If buyers will be wiring money, wait for written instructions.
5. Provide title with contact information for key people involved.
See my sample form here.
6. Typically, the buyer's agent will open escrow.
7. Seller's agent may open escrow, also.
7. Both agents should verify escrow was opened correctly.
a. Verify receipt of earnest money.
b. Verify the contract, and corresponding documents.
c. Both agents must read documents produced by title company.
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B. Provide contract, and documents to your real estate brokerage office.
1. Follow the checklist as provided by your broker
2. All documentation must be provided to broker within 2 days.
3. Be aware if your broker requires the original file.
C. Upload documents to your MLS document management system .
1. Upload your work within two business days.
2. Uploading to your system legally time stamps your work.
D. Deliver a copy to your assistant, if you are using one.
To be continued.......
