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PROCESS A TRANSACTION
Congratulations on your sale !
Please read the following VERY CAREFULLY. It will keep both of us from losing our licenses and being sued in a court of law !
INTRODUCTION
Included on this Process A Transaction page is all the information you
need to completely process your transaction. It is extremely important that
you follow ALL the instructions properly to have a smooth transaction and
avoid being sued by clients and losing your license. Being an agent for
a real estate transaction is a serious undertaking that needs to be
conducted with the utmost professionalism and thoroughness to every
detail.
If you do not feel comfortable processing your transaction yourself and/or, if you prefer to spend your time acquiring your next sale, then using our in-house professional Transaction Coordinator is highly
recommended. 90% of agents use a TC. The fee for CURB’s in-house Transaction Coordinator to process your entire transaction is $995 for the VIP Contract to Close Service or $395 for the Standard TC Service. For more information on our TC Services please go to the CURB Transaction Coordination Services page.
To have your own personal Transaction Coordinator handle your paperwork, please contact:
CurbTN@CURB.estate or 888-279-4230 x 2
HOT TOPICS
Important Items To Processing a Transaction
AGENCY DISCLOSURE
Before engaging in ANY aspect of a transaction with a buyer or seller you must get a CONFIRMATION OF AGENCY STATUS form signed by your clients. This is the very first item that needs to be signed and dated before anything else.
DEPOSIT CHECKS
NEVER NEVER NEVER (..did I say never ?) receive a deposit check from a buyer.
In order to get a buyer's deposit into escrow after an offer is signed and accepted, simply give the buyer the phone number and email address to the Escrow Officer handling their transaction. The Escrow Officer will let your buyer know how to get their deposit into escrow properly.
PRELIMINARY TITLE REPORTS
Agents must read Preliminary Title Reports.
Contact your Escrow / Title officer right away if you notice anything outstanding in the report. Your Escrow Officer will then take the necessary steps to rectify the issues.
TRPCD - RF201 (Tennessee Residential Property Condition Disclosure)
In the agents portion of the TRPCD, make sure you note EVERY issue you see with the property during your own preliminary visual inspection, as well as your final visual inspection with the buyer the day before escrow closes. Even a brand new house has issues, so make sure you note all outstanding items. If no items are noted it will bite you later! Taking photos of issues is a fanny saver.
EMAILS
Keep ALL emails on every transaction in your email server, and/or your transaction file for 3 years.
Get EVERYTHING in writing or email. ..If it’s not in writing, you ain’t got doodly-squat.
LEGAL ISSUES
If you have any concerns regarding the legal or ethical nature of your transaction, please call CURB Realty to discuss the issue BEFORE you take action. If you are a TR member you also have access to contact an attorney for free through Tennessee Realtors.
HOW TO START A NEW TRANSACTION
If you are utilizing CURB’s amazing in-house Transaction Coordinator service:
* Listing Agreements need to be submitted within 24 hours of sellers signature - CurbTN@CURB.estate
An additional fee of $300 will be charged for Listing Agreements not received within 24 hrs.
1) As soon as you have a signed accepted offer send a Sales Sheet to: CurbTN@CURB.estate
Sales Sheets MUST be submitted to our TC within 24 hours of obtaining a signed purchase contract. If a Sales Sheet is not received within 24 hours, an additional fee of $300 will be charged on that particular transaction - NO EXCEPTIONS.
2) Log into your TransactionDesk account to begin a new transaction. After logging in you will be on the Agent Dashboard page.
- Click on Create Transaction.
- Enter the name of the property eg; 123 Main St
- Choose appropriate Template
- Import Data from your MLS
- Enter the MLS Number for the property
- Add yourself as the appropriate Agent
- Check the Use Wizard box
- Click the Create box
3) In the following page fill out as much information as possible regarding the property. The more information you have filled out the better, as this will help you and your TC considerably when you need to access important information regarding the property in order to close on time.
Click the Next button. Again fill out as much information as possible.
On the following page you will see your Contacts. At the bottom click on the blue Save and exit box.
That's it ! Your TC will then contact you to work on processing your transaction with you.
* When contacting your TC please let them know which Transaction Coordination service you would like; VIP or Basic
* When filling out forms, make sure to use your own address, telephone number and email where required.
* If scanning paper documents, please scan all documents at 72 dpi. This is the best resolution to maintain clarity and avoid having too large of a file.
* Local Disclosures
Local Regional Disclosures are also required to be included in your transaction file. Please call your local Real Estate Board or MLS to get the list of the required local disclosures for the area where the property you are selling is located. This is mandatory. You can be held legally liable by your buyers & sellers for not including all the necessary forms for your local area. If you are using a Transaction Coordinator the agent is still required to do this.
* When contacting your TC please let us know which Transaction Coordination service you would like; Basic or VIP. More info on our TC services: CURB Transaction Coordination Services
* When filling out forms make sure to use your own address, telephone number and email where required.
* If scanning paper documents, please scan all documents at: 72 dpi. This is the best resolution to maintain clarity and avoid having too large of a file.
* Please send ALL forms affiliated to transactions to: CurbTN@CURB.estate (Including forms that require brokers signature). Only AFTER you have been assigned to your TC, please send ALL forms to that TC.
If you are processing your transaction yourself:
* Listing Agreements need to be submitted within 24 hours of sellers signature - CurbTN@CURB.estate
An additional fee of $300 will be charged for Listing Agreements not received within 24 hrs.
1) As soon as you have a signed accepted offer send a Sales Sheet to: CurbTN@CURB.estate
Sales Sheets MUST be submitted to our TC within 24 hours of obtaining a signed purchase contract. If a Sales Sheet is not received within 24 hours, an additional fee of $300 will be charged on that particular transaction - NO EXCEPTIONS.
2) Log into your TransactionDesk account to access all the necessary forms. (Local Disclosures will not be in the TransactionDesk library. See * Local Disclosures below.)
* Local Disclosures
Local Regional Disclosures are also required to be included in your transaction file. Please call your local Real Estate Board or MLS to get the list of the required local disclosures for the area where the property you are selling is located. This is mandatory. You can be held legally liable by your buyers & sellers for not including all the necessary forms for your local area. If you are using a Transaction Coordinator the agent is still required to do this.
* When filling out forms make sure to use your own address, telephone number and email where required.
* If scanning paper documents, please scan all documents at: 72 dpi. This is the best resolution to maintain clarity and avoid having too large of a file.
* Make sure ALL the required forms have been signed by ALL parties before requesting approval for a completed transaction.
* Please send ALL forms affiliated to transactions to: CurbTN@CURB.estate (Including forms that require brokers signature).
* At least 5 days before close of escrow please notify the TC Manager: CurbTN@CURB.estate
to let them know that ALL your transactions forms are signed and completed and ready for review, in order for you to get paid on time.
Congratulations and enjoy your success !
