Embedded Files
Agents, you either HAVE a TC, or you ARE the TC.
TC Services - Contract to Post-Close
Contract to Post-Close - $485
Contract to Post-Close - $485
*All services are based on the rules and regulations for an unlicensed assistant within the state that we are providing service. A complete list of these guidelines may be found at NAR.Realtor.
We believe that it typically takes 3 transactions before an agent and TC KNOW for sure that this is going to be a good fit. And because of this we would like to recommend the following:
We encourage both agents and TC's to agree to work together on a trial basis, without any long-term commitments. This approach ensures that both parties feel confident moving forward.
We suggest both parties agree to completing 3 transactions together to help determine compatibility. If both parties decide to continue beyond that the agents 4th file is completely free—this will be true whether you’re a solo agent or part of a team. This is our way of showing confidence in our service and appreciation for your trust.
Q: So what happens if the buyer and seller choose to cancel the contract?
We understand that not every transaction makes it "across the finish line", and because of that we understand that we may be asked to perform less than our full services. So if we are asked to close out the file prior to a successful closing, then our fee will be reduced to account for the work that had been performed (exp: opening and processing the original file, along with closing out the canceled transaction).
A: Our full Contract to Post-Close service fee will be reduced to just $85.
Q: What is included in our $485 Contract to Post-Close services?
Our Services – Simplified
*Our complete Contract to Post-Close task list can be found farther down the page - The following is our simplified version of the services that our agents receive
**Our TC's will ensure that all parties know that we are the main point of contact for the transaction to help ensure that the agent is able to do what they do best. This is what REAL LEVERAGE LOOKS LIKE!!
Communication:
Manage communication between the agents, lenders, title, agents client (buyer/seller) and broker/compliance
Ensure that both our agent and our agents clients are being kept up to date and in the loop throughout the entire transaction
Opening Process - Contract to Compliance:
Contract review & file setup
Compliance management and communication with the agents broker and compliance manager's requirements
Ensure that all parties have what they need to "get to work" - Agents, lenders, title, buyers, sellers and broker/compliance
Due Diligence & Inspections:
Manage repairs & contingencies throughout the transaction
Verifying repairs & contingencies are complete prior to closing and that title has copies of invoices and/or paid receipts of work completed
Appraisal & Loan Process:
Monitor & communicate appraisal progress & results
Monitor & communicate loan progress
Title & Escrow:
Request title work
Monitor & communicate progress & results of title
Review preliminary settlement statement - Verifying all of the agents fees and commissions are correct
Closing Prep & Day-of Support:
Scheduling and coordinating final walkthroughs, removal of lockbox, key exchange and sign removal
Scheduling and coordinating closing Logistics
Post-Closing Services:
Final documentation added to compliance
Ensuring our agents GET PAID!!
Q: Could I see your COMPLETE Contract to Post-Closing task list?
*And let's remember: You either HAVE a TC, or you ARE the TC. - If you're not hiring us for all of the following, then you need to OWN all of the following to help ensure that you're customer are still getting the full service that they deserve... Feel free to use the following to process your own transactions, but don't miss a single one of these items... You're clients expect the best from you, and if you're ready to accept some freakishly predictable and effective leverage it would be an HONOR to partner with you to make this happen for both them and your future business.
FREE Virtual Whiteboard (VWB) - The following link will take you to our FREE Editable Virtual Whiteboard tool that includes all of the following tasks.
FREE Virtual Whiteboard (VWB) - The following link will take you to our FREE Editable Virtual Whiteboard tool that includes all of the following tasks.
YouTube LINK - Link to 27 minute video tutorial on what a VWB is and how to use it
VWB Template LINK - This link will take you to the VWB template - Just click on the USE TEMPLATE button and it will allow you to start editing and using it immediately
Contract to Post-Close - Complete Task List
(the following is an example based on our Minnesota based transactions)
Contract to Post-Close - Complete Task List
(the following is an example based on our Minnesota based transactions)
Stage 1 - Opening Process - Contract Acceptance
Initial Contract Review - This step does not replace the broker or compliance manager at the agents brokerage:
Obtain and review the “Submit A File” intake form, fully executed purchase agreement and all exhibits.
Verify completeness and accuracy of the contract.
Ensure all parties' signatures and dates are correct.
Set Up Files in Transaction Management Software/Tool:
TC Tools: Create a new transaction file and enter all relevant details into your transaction management system (e.g., VWB, AFrame, Open To Close, etc.).
Add complete details and relevant due dates per the contract
Launch any other task lists that apply (exp: order home warranty, well & septic inspections, HOA, etc.)
Agents Tools: Create a new transaction file and enter all relevant details into your transaction management system (e.g., DotLoop, SkySlope, Command, etc.).
Agent commissions - Prelim calculated and submitted
Enter all relevant details into your CRM and other tools used for tracking (e.g., UC board, Hubspot, etc.).
Earnest Money:
Confirm the earnest money deposit deadline.
Buyer Side: Provide buyer with instructions for submitting earnest money to the title company.
Confirm receipt of earnest money.
Send Intro email to both agents, lender and title:
Send "Under Contract" notifications to all parties, including the lender, title company, buyer's agent, seller's agent, and any other relevant parties.
Include the fully executed purchase agreement and other relevant documents.
Intro letter to include the following three points (agent to provide the following to their TC at time of file submission):
What is missing
When can we expect to receive what is missing
Who “owns” tracking each of the missing items down
Send intro email to your agents buyer or seller:
Email to include copy of contracts.
Email to include transaction summary sheet.
Track Due Dates In Tool - Requesting updates each Monday of any items that are coming due that week
Stage 2 - Due Diligence and Inspection Period
Home Inspection - Agent is the primary on during this stage since time is of the essence and inspections may introduce need for negotiations and drafting addendums:
Agent - Schedule the home inspection, radon test (if applicable) and confirm the appointment with all parties.
Agent - Send the inspection notice to the buyer and seller, outlining the inspection date and time.
Agent - Receive and review the inspection report.
TC - Coordinate any repair requests from the buyer and submit them to the seller’s agent.
TC - Track responses to repair requests and facilitate negotiations as needed.
Other Inspections:
TC - Schedule additional inspections (e.g., termite, well & septic) if required or requested.
TC/Agent - Ensure reports from all inspections are received, reviewed and shared with appropriate parties (confirm with agent who should receive copies).
Contingency Removals:
Agent - Prepare and send contingency removal addendums once inspections are complete and repairs are agreed upon.
TC - Confirm that all contingencies are removed by the specified deadline.
Order Home Warranty if applicable
Track Due Dates In Tool - Requesting updates each Monday of any items that are coming due that week
Stage 3a - Appraisal and Loan Process
Order and Track Appraisal:
Ensure the lender orders the appraisal promptly.
Track the appraisal process and confirm the appraisal appointment.
Notify all parties of the appraisal results.
TC/Agent - Address any issues or discrepancies with the appraisal value.
Loan Processing:
Monitor the loan approval process with the lender.
Ensure or confirm that the buyer submits all required documents to the lender.
Follow up on the underwriting process to ensure the loan is on track for final approval (Lend Commitment and Clear to Close).
Confirm receipt of the lender or loan commitment from the lender.
Track Due Dates In Tool - Requesting updates each Monday of any items that are coming due that week
Stage 3b - Title and Escrow
Title Work:
Send the purchase agreement and other necessary documents to the title company (this would have been done at the beginning of this process).
Confirm that the title search is completed and the title is clear.
Address any title issues that arise and ensure they are resolved.
Preliminary Settlement Statement:
Request and review the preliminary settlement statement from the title company.
Verify the accuracy of commissions, admin fees, and any other charges.
Send the preliminary settlement statement to the buyer and seller for review (if title company has not done and the agent verifies that this is desired).
Track Due Dates In Tool - Requesting updates each Monday of any items that are coming due that week
Stage 4a - Final Preparations for Closing
Closing Coordination:
Confirm the closing date and time with the title company, lender, buyer, and seller.
Schedule the final walkthrough with the buyer, seller, and their agents.
Ensure all repairs have been completed and documented with receipts.
Prepare and confirm that all final documents are ready for closing.
Utility Transfer:
Provide the buyer with information for transferring utilities.
Confirm that the seller has arranged for the disconnection of their utilities.
Final Settlement Statement:
Review the final settlement statement for accuracy. Verifying the accuracy of commissions, admin fees, and any other charges.
Send the final settlement statement to the buyer and seller for final approval. Do not review with them since this should be done by the title company, lender and/or their agent.
Coordinate any last-minute changes with the title company.
Track Due Dates In Tool - Requesting updates each Monday of any items that are coming due that week
Stage 4b - Day of Closing
Closing Logistics:
Confirm the closing appointment and location with all parties.
Ensure that the title company has all necessary documents prepared.
Coordinate the transfer of keys and any other necessary items.
Confirm that all funds (e.g., down payment, closing costs) are wired and received by the title company.
Update MLS Status:
After closing, update the MLS status to "Sold."
Arrange for the removal of yard signs and lockboxes from the property.
Stage 5 - Post-Closing
Final Documentation:
Confirm that the deed is recorded and the title transfer is completed.
Ensure that all final documents are uploaded to the brokers system/tool and your transaction management system/tool (if applicable).
Submit any required documents to the brokerage for compliance.
Client and Co-op Agent Follow-Up:
Provide testimonial to the co-op agent when and if appropriate. CC your TL in on this email. Send thank-you notes to the buyer, seller, agents, and any other service providers involved in the transaction.
Add co-op agent to marketing campaign
Request feedback from the buyer and seller regarding their experience.
Ask for testimonials and referrals if appropriate.
Administrative Tasks:
Close out the transaction file in your system.
Archive all documents as required by your brokerage and state regulations.
Review the transaction process for any lessons learned or areas for improvement.
Compliance and Audit:
Conduct a final audit of the transaction to ensure all tasks were completed correctly and on time.
Update any templates, checklists, or systems based on what was learned during this transaction.
Q: What is the agent responsible for during a transaction?
Q: What is the agent responsible for during a transaction?
Our agents OWN the following
The agent will complete all "3 triggers" when they are requesting that a file be processed (either see below or on our Submit A New File page for all of the details on submitting a new file to be processed)
The agent will honor our agreed upon COMMUNICATIONS SYSTEM & PROCESS when requesting any work to be completed on a file (see below)
The agent will FIGHT FOR THEIR CLIENT - Translation: The agent will handle all negotiations
The agent will DRAFT THE WIN - Translation: The agent will draft all of their own contracts and documents
The agent will have the right to OWN sense of urgency - Your TC will honor their 2 hour guarantee response time within our standard business hours, but the agent will have the right to OWN sense of urgency if they are needing or wanting something done sooner then that or outside of standard business hours
The agent will order the home inspection since "time is of the essence" and the inspection will most likely initiate additional need for negotiations and drafting of documents - The agent will share a copy of the inspection removal or inspection addendum with their TC once complete so that the TC can help to ensure that the appraisal is getting ordered as soon as possible after this and follow-up on the completion of any inspection items and/or request (i.e.: work to be completed, copies of paid work, invoices to be paid at closing, re-inspection request or needs, etc.)
It is assumed that our agents know what is required for a legal and binding contract per the national, state and local laws, and what their broker requires of them. Our TC's are not agents compliance manager, broker or attorney.
Hours of Service & Response Times
M-F until 5 PM - Central Standard Time
All items and request received by 2:30 PM (M-F) will be completed and/or processed the same business day
All items and request received after 2:30 (M-F) will be completed and/or processed by 10 AM the following business day
We have a 2 hour response time guarantee during standard business hours (5 PM CT Monday through Friday)
Communication Standards/System
All request for actions to be taken on a file must be made via email so that every request can be properly documented and has a “paper trail” (compliance) - We are happy to take and receive information via text or calls for informational purposes only, but all requested actions to be taken on a file will be "triggered" and acted upon via an email request
When calling each other it is assumed that we may get voicemail - So we agree to be prepared to leave a voicemail with either actionable information (providing the receiver enough action information to perform any needed task - remembering that requested actions are only triggered via an email) or enough information to end the conversation - We agree that we will not call or text each other with anything that closely resembles “Call Me”
If we receiving any calls, text or emails that do not provide actionable information (such as something resembling "call me"), that is ok. We have GRACE built into our systems. And here is what GRACE will look like... We have a simple text & email template that will "THANK YOU for reaching out, and we look forward to doing all that we can to help provide leverage for you. Please reply back with any ACTIONABLE INFORMATION as soon as you are available to do so, so that we can ensure that you are receiving the leverage that you need."
What “triggers” our team to process a new file
Your TC will begin to process your file as soon as the following triggers are met...
Complete the Submit the New File intake form - This should take less than 3 to 5 minutes
*Our intake form will include questions around some very basic areas of the transaction, but it will also include the following 3 questions that are crucial for us to perform at the highest level (this information, where appropriate, will be shared with all parties on file submission to help ensure that everyone is up to date on what is still needed for a complete file):
What is missing?
When can we expect to receive what is missing?
Who would you like to OWN the tracking down of each items that is missing?
Provide us with access to all necessary documents that are currently available (typically either via email or the TC’s ability to access them via an agents account in something like dotloop, command or other)
Provide email addresses for the lender, title, co-op agent and your clients (name, email address and role in the transaction is a minimum requirement for us to process)
Q: How & when does the agent pay for their TC services?
Q: How & when does the agent pay for their TC services?
Our agents will receive an invoice via email, and payment is due upon receipt of the invoice, and each invoice will have a NET 15 or 15 day grace period.
Our agents are required to provide Cultivate Wins with a "card-on-file", and their invoice will be charged out automatically if their invoice has not been paid during the NET 15 period.
STATE SPECIFIC (this can vary from state to state): Our agents are invoiced directly, and this will not be handled through the agents broker, team or title/closing company. Cultivate Wins is partnering with the agent directly, and will be going into a direct, 1-on-1 relationship.
Q: How does your referral program work?
Q: How does your referral program work?
We are CRAZY GRATEFUL for every referral we receive from our active customers. And to show our appreciation the referring agent will receive one FREE transaction once their referral has closed their 3rd transaction with us.
Page updated
Report abuse