Contract to Close Services
Buyers, Sellers, New Construction
DURING THE OPTION PERIOD:
- Create transaction in agent’s brokerage system
- Create Google Drive Folder, if applicable
- Review executed contract, addenda & seller’s disclosure for accuracy and completion
- Send Introduction to all parties including title company, loan officer and other agent along with
fully executed contract, addenda, survey and T-47
- Request title company to send options for earnest/option funds delivery to buyer(s)
- If seller, update MLS to “AU” or “P” per agent request
- Send introduction along with contract deadlines to client
- Add contract deadlines to agent’s Google calendar
- Confirm Inspections scheduled and inform all parties with date and time and add to agent’s
calendar
- If agent’s client is purchasing a new survey, request survey quotes from title company
- For City of Austin properties, confirm if ECAD is required and assist in ordering or requesting
- Draft and facilitate repair amendment/ compliance amendment for corrections (agent to
negotiate and provide details for amendment)
- Submit documents for compliance to agent’s brokerage system
- If necessary, prepare and circulate Termination and Release of Earnest Money Paperwork (fee is due if property terminates during the option period)
AFTER OPTION PERIOD:
- Confirm the HOA Docs/Resale Certificate are ordered and paid for if applicable
- Confirm appraisal has been ordered and follow up until received and approved
- Send client an After Option email with tips and reminders
- Continue to follow up on loan until lender provides a clear to close
- Send Home Warranty lists to buyers if a service plan is being purchased at closing and confirm
buyers’ choice with title company to order
- Send list of helpful questions for seller(s) to answer and send for buyer’s review
- Confirm title commitment is delivered and survey is approved (new survey received)
TWO WEEKS TO CLOSE:
- Schedule Closing for client with title company and add to agent’s calendar
- Help facilitate final walk through and add to agent’s calendar as needed
- Send client a closing reminder email
- For buyers, send utility information with closing reminder email
- Draft and send amendments as needed up until closing
WEEK OF CLOSING
- Confirm with lender CD was sent to the buyer for review at least three days prior to closing
- Verify repair receipts are distributed to buyer(s) and reflect PAID
- Confirm DA is sent to the title company and provide Agent’s Commission delivery preference
- Schedule Sign/lockbox/flyer box pick up (when representing the seller)
- Request final closing statement from title company (agent to review for accuracy)
- Follow up with title to confirm funding
- Update MLS to Sold when representing the seller
- Close out transaction in Agent’s brokerage management system
EARLY TERMINATION FEE:
- During Option Period
- After Option Period
- Within 7 days from Closing Date