You are responsible for obtaining executed copies of the following documents in all transactions, whether the contract or lease is drawn by you or by a cooperating agent.
If any of the following mandatory items are missing, no commission will be disbursed until you have obtained the missing items.
Leases:
- Escrow Deposit Receipt (if we are holding escrow)
- Copies of all money that touches your hands or is due/related to a transaction (escrow money, application fees, rental deposit to condo association, balance of commission, etc)– these should be sent immediately upon receipt to Broker and Office Staff
- Escrow letter(s) if we are not holding escrow
- Offer to Lease
- Addendum to Lease for Mold
- Executed Lease with lead-based paint section initialed and signed if built prior to 1978
- Disbursement Instructions
- Walk through form & Tenant Acknowledgement
- Condo Approval Letter– at times, this is impossible to obtain. Contact Broker for alternatives.
- Relevant communications related to a transaction
- Lead based paint booklet (send with executed copy of lease and print the email showing it as included– do not print the booklet)
You are responsible for keeping your transaction on track. This means you need to make sure deposits are collected when due, obtain a condo application and make sure the tenant submits it, provide disbursement instructions in writing in a timely manner, etc.
Sale:
- Escrow Deposit Receipt if we are holding escrow
- Copies of all money that touches your hands or is due/related to a transaction (escrow money, application fees, rental deposit to condo association, balance of commission, etc)– these should be sent immediately upon receipt to Broker and Office Staff
- Escrow Letters (if escrow held by another party)
- Sales Contract
- Addenda– Condo, lead based paint, miscellaneous clauses, etc
- Lead based paint booklet if built prior to 1978 (email stating it was delivered– do not print booklet)
- Condo doc receipt
- Relevant communications from the transaction (examples: list of important dates, loan approval, written confirmation before expiration of financing period, etc).
- You are responsible for keeping your transaction on track. Pay attention to deadlines, get the necessary applications, condo approval, etc. Make sure the buyer performs according to contract.
The above document lists are a checklist for you. No commissions will be disbursed until the file has been checked and contains all of the required items. In order to avoid delays in payment on your deals, familiarize yourself with these forms and be sure you employ them correctly.
You are also responsible to see that the file includes all names and numbers: buyers, sellers, other agents, tenants, landlords, lawyers, mortgage brokers, etc. involved in the deal as soon as you know them.