Thursday, April 12, 2012

When Do I Turn that Contract In?


If your BIC gets a copy of the contract after closing, there's not much she can do to help our client or you with an omission or mistake, capiche?   Since we all come to Go from other programs, thought it would be good to get us all to the same answer for important questions "When do I turn that in?"  "What forms do I include?" and of uber importance, "When does my check arrive?"  Here are the guidelines:

  • Transaction Summary Sheets (TSS) - this form list the necessary information and documents you need for any specific transaction. Please be sure to print it from Google Docs (search "TSS")  rather than use an old one from an office drawer or your own download. We update them frequently. 
  • Listing Agreements: please turn in a completed file with Transaction Summary Sheet (TSS - in Google Docs) within 48 business hours of execution. 
  • Buyer Agency Agreements: include WWREA and turn in within 48 business hours.  Yep, the NC Real Estate Commission requires we have these on file, regardless of the existence of any purchase contract. 
  • Likewise rejected/failed contracts - Commission expects us to have those on file as well. 
  • Signed Purchase Agreements: 48 hours after execution, please follow the appropriate TSS for sold listings or buyer sales.  It is very important to have BIC review of these early in the due diligence period. 
  • Closings: turn in your check and HUD only at the pace you want to get paid. BOTH documents produce a pay check for you; one document does not.  Remember we have a two business day turn around from receipt of the company check to payment of your commission check. 
We have an amazing amount of business right now, so we're glad these questions pop up so frequently.  Thanks for your efforts with the clients, and helping us keep paperwork orderly and in compliance with North Carolina laws and guidelines.