Step 1: Seller's Representation and Multiple Listing Service

1. When you are ready to accept a listing, log in to the transaction management system and add the listing transaction along with the relevant checklist for additional guidance. 

2. Fill out and obtain the seller's signature(s) on the following forms:
LISTING AGREEMENT (a sample of a completed agreement is located in the Document Library)
SELLER'S ADVISORY C.A.R. form SA
DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIPS C.A.R. form AD 

3. Install a lock box and take pictures of the property. 

4. List the property for sale in the local MLS. If it is "Short Sale", "Bank Owned/REO" or "Selling Agent Owned Property" transaction, disclose this fact in the property description. Note: When listing a Short Sale you will need to disclose if the Short Sale Lender reduces the commission how the reduction will be split among agents. 

5. Place "for sale" signs on property. Consult with the Home Owners Association (HOA) about any existing sign and open house regulations. 

6.When a listing is uploaded on MLS, you have to report the new transaction in your iprore.com profile within 48 hours.

See Step 7 for instructions on how to upload a transaction to our transaction management system.

At this point, you must upload at least these forms to your file:
a) LISTING AGREEMENT (See Document Library for an example of a Residential Listing Agreement)
b) DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIPS C.A.R. form AD
c) Agent property report printed from the MLS listing. 

8.You may start uploading the executed transaction documents and forms to the transaction file now.
Upload any executed documents and forms you have (not only those that are required in the checklist) at this time. Use the "Note" option if you want to leave a message about the file for the Broker. For any questions please contact us at info@iprore.com.

Step 2: Marketing and changing the listing status

1. Hold an open house and use other marketing tools to attract a buyer. 

2. If the seller elects to change the price or any terms of the listing, fill out a
MODIFICATION OF TERMS AND RIGHT TO SELL C.A.R. form MT and make the changes on the MLS. 
Remember to upload the signed form to your transaction file. 

3. If the seller elects to purchase a termite inspection prior to receiving offers, you may order it at this time. 
Remember that the termite report expires after 90 days. 

4. If the seller or agent decides to cancel the agreement, use a CANCELLATION OF LISTING C.A.R. form COL.

See Step 7 for instructions on how to upload to our transaction management system.

Step 3: Receive Offers From The Selling Agent

1. The offer typically includes the following:
a) PURCHASE AGREEMENT
b) BUYER'S INSPECTION ADVISORY C.A.R. form BIA-A
c) DISCLOSURE REGARDING REAL ESTATE AGENCY RELATIONSHIPS C.A.R. form AD
d) Pre-approval letter from the lender
e) Copy of earnest money deposit check 

2. The Seller can reject or accept the offer or send their counter offer. During the negotiation period you may use:
COUNTER OFFER C.A.R. form CO
ADDENDUM C.A.R. form ADM

Step 4: Open Escrow/Title

1. When all parties agree with the purchase terms, return a fully executed contract with all counter offers and addendums to the Selling Agent. The choice of escrow is normally agreed upon by the principals to a real estate
transaction and reflected in writing in the purchase contract. 

2. You may fill out, sign and send the following to the Selling Agent (Buyer's) for their signature:
COOPERATING BROKER COMPENSATION AGREEMENT C.A.R. form CBC
Our policy does not require this form, but you may use it for your own benefit. 

3. The Escrow/Title Officer or Selling Agent must provide you with information about the file (the escrow/title officer's name, escrow file's number, contact information, etc.) and give you a receipt (copy) for the earnest money deposit. 

See Step 7 for instructions on how to upload to our transaction management system.

4. Do not forget to change the listing status to "Pending" on the MLS. The delay can result in a penalty charge (check MLS regulations).

Step 5: Inspection/Disclosure Period

1. Use the correct checklist for your transaction type and forward required disclosures and reports to the Selling Agent within seven (7) days of acceptance.
The local disclosures may vary by city and county. Please ask your escrow/title company or visit our Document Library. You can also get more information and order disclosures from:
http://realtydisclosure.com/ 
http://disclosuresource.com/
http://disclosuresave.com/
Information is also available through other on-line companies. 

2. Escrow/title will send to both agents and the lender a preliminary title report. You must confirm that the Selling Agent (Buyer's) receives the report within seven (7) days of acceptance of the offer. 

3. Depending on the transaction type, the buyer may conduct different types of inspection (termite, home inspection, septic system, roof, plumbing, etc.) and put their request in:
REQUEST FOR REPAIR C.A.R. form RR
WOOD DESTROYING PEST INSPECTION AND ALLOCATION OF COST C.A.R. form WPA
The Seller can reject or accept the request, agree to make some of the repairs or offer monetary reimbursement for the repairs. 

4. For residential property, each agent (Listing and Selling) must complete their own:
AGENT VISUAL INSPECTION DISCLOSURE C.A.R. form AVID
(Reminder: on page three there are two places for you to sign the document). 

5. If the property is in Common Interest Developments, the seller has to provide the HOA report CC&Rs for the buyer. Usually the escrow officer orders this report (ask them about it), but if not, the seller can use:
HOMEOWNER ASSOCIATION INFORMATION REQUEST C.A.R. form HOA 

6. Keep in touch with the escrow/title officer. Make sure that the escrow/title officer has all fully executed transaction forms and documentation. Ask the officer to provide a preliminary closing statement (HUD) for the seller. 

7. You must receive the following forms/documents from the buyer:
7.1. Preapproval letter from the lender (Within 7 days)
7.2. Proof of funds for down payment (Within 7 days)
7.3. CONTINGENCY REMOVAL C.A.R. form CR (Within 17 days)
If the buyer removes all contingencies, but fails to execute the contract, the seller is typically entitled to full or part of the deposit made by the buyer as liquidated damages.
If any of the required forms are not received, send the buyer a:
NOTICE TO BUYER TO PERFORM C.A.R. form NBP
If the buyer fails to perform the action by the date given in the NBP, you may cancel escrow using:
CANCELLATION OF CONTRACT, RELEASE OF DEPOSIT C.A.R. form CC 

8. If, for any reason, the transaction process has been cancelled, you may use:
CANCELATION OF CONTRACT, RELEASE OF DEPOSIT AND JOINT ESCROW INSTRUCTIONS C.A.R. form CC

You must upload all signed documentation on the transaction including the fully executed cancellation form to the transaction file.

See Step 7 for instructions on how to upload to our transaction management system.

Step 6: Closing Process

1. Only the iPro Broker can sign the commission distribution instructions. Ask the escrow officer to prepare the instructions and email them to info@iprore.com. The Broker will sign the instructions, fax them back to escrow/title company and upload a copy to the transaction file. There is a penalty for an agent who signs the commission instructions in place of the Broker. Please check your Independant Contactor Agreement for information regarding penalties.
Note: If you are providing a credit to your client from your commission it has to be disclosed on the HUD. In your transaction file you will need to state if you are paying the taxes associated with the credit or if your client will complete and sign a W-9 form. 

2. Ensure that the seller is ready to vacate the property. Moving to a new place could be challenging for the seller. Provide as much support to your client as you can. We have observed that this step is very important to receiving referrals. 

3 You must receive from the buyer;
VERIFICATION OF PROPERTY CONDITION C.A.R. form VP 

4. Escrow/Title will provide the closing package for the seller. The seller has to sign the deed, the estimated closing statement and other closing documents. Assist the seller with any questions they may have regarding the documentation. 

5. It is a good idea to give your client a present. The best gift is a household, long-term usable item with your name and contact information on it. It can be a new barbecue, TV, patio table, poker chips set or a similar item.

Step 7: Organize and Submit For Review

Step 7: TRANSACTION MANAGEMENT SYSTEM

Sign in to our transaction management system at http://tms.iprore.com. Please upload fully executed documents as they're received. Tutorials and checklists are in the Transaction Management System to help get you familiar and guide you during the process of your transactions.