Closing Managers: Maria Hooson-Jones & Beth McLean & Calmonie Guilford

Email: closings@mccannteam.com

Closings department processes anything from when a deal goes PENDING to CLOSED and RENTALS

We use Dotloop for our transaction management

• DOTLOOP BASICS VIDEO https://www.loom.com/share/e275996421404c2fb575089550b8ce14

New Sale Process!

Our Closing Managers are trained to assist and direct you every step of the way from offer prep to post-settlement.

Typing an Offer!

All paperwork lives in Dotloop

• Create a new loop using the McCann Buyer Loop Template for Philly and Main Line Buyer Loop for Main Line and NJ Buyer Loop for NJ Deals

• All required forms will auto populate

• Fill out the docs & share with your client!

• Closing Dept can also prepare and send offers on your behalf. Use the form “Prepare An Offer form” on https://www.mccannteam.com/links/

• PA PREPARE AN OFFER VIDEO https://www.loom.com/share/5e4e2f3c68774ba2860bad2c082b62eb

• NJ PREPARE AN OFFER VIDEO https://www.loom.com/share/ae3b6de963bf458ca335d24c7890cf15

Under Contract - Next Steps!

Once you have a fully executed AOS please fill out the proper transmittal found at www.mccannteam.com/links. Once complete, Closings Dept & Conveyancing will automatically add your sale to their pipeline

Representing the Seller?

• Complete Seller Transmittal - www.mccannteam.com/links

• SELLER TRANSMITTAL VIDEO https://www.loom.com/share/feed519801d443048eca222c651a94ef

• Required PA docs for compliance include

  • Listing Contract

  • Consumer Notice

  • Seller’s Property & Lead Paint Disclosure (when applicable)

  • Agreement of Sale

  • Seller Estimated Closing Costs

  • RESPA/Affiliated Business Disclosure

  • Copy of 1st Escrow Check

  • Copy of 2nd Escrow Check

• Required NJ docs for compliance include

  • Listing Contract

  • Affiliated Business Disclosure

  • Informed consent to dual agency when applicable

  • Wire fraud

  • Consumer information statement

  • Fair Housing Letter

  • Condo addendum when applicable

• Closings will track deposits, however it is the agent's responsibility to follow up with the coop agent to make sure they are sent on time.

• Agent should ensure buyer agent is scheduling inspections and ordering title

• After going under contract you may receive an email from the buyer's agent (or their conveyancer) providing a timeline, contact info, etc. If so, please loop in Closings

• Closings will assist with preparing and getting addendums executed

• Closings will assist with document management - invoices, home warranties, filing information within dotloop.

• Closings will assist with having deposit issued to title company prior to settlement

Representing the Buyer?

• Complete Buyer Transmittal - www.mccannteam.com/links

• BUYER TRANSMITTAL VIDEO https://www.loom.com/share/c178956e78b14e7cbed6b9c0cb896f32

• Required docs include

  • Agreement of Sale

  • Consumer Notice

  • Buyer Agency Contract

  • Deposit Money Notice

  • RESPA/Affiliated Business Disclosure

  • Buyer Estimated Closing Costs

  • Copy of 1st Escrow Check

  • Copy of 2nd Escrow Check

  • Seller’s Property & Lead Paint Disclosure (when applicable)\

• Required NJ Docs

  • Agreement of Sale

  • Opinion 26

  • Buyer Agency Contract

  • Consumer Information

  • Affiliate Business Disclosure

  • Wire Fraud

  • Fair Housing Letter

  • Informed consent to dual agency

  • Condo Addendum when applicable

• Ordering Title: The transmittal will ask if you want in house or if you are using another title company

  • If you are using Great American Abstract for title then Conveyancing Department will order the title for you

  • If outside title is elected it is agents responsibility to make sure to provide the contact information in order for the conveyancing department to submit a title order

• Set up a time for inspections ASAP

• Send all deposits to the listing agent office

  • Closings Dept can mail or time cycle deposits if needed.

  • Closings Dept requires a photocopy of the deposit

Closing Dept will take care of the following…

• Check that all required docs have been completed & submit to KW office

  • Send any compliance docs that remain unexecuted

• Update listing status in BrightMLS

• Send follow up email to Coop Agent (as requested on transmittal)

• Add/Update client in Follow Up Boss

• Complete Opportunity & submit to KW office (aka reporting what you’ll be paid)

Before going to settlement!

Review your estimated HUD! Some things can’t be changed at the table!

At the Closing Table!

• Make sure your checks are written correctly before you leave!

  • COMMISSION Payable to:

    • KW Philly for Philly office

    • OR Keller Williams Main Line for Main Line office

    • OR Keller Williams Realty for NJ

  • FLAT FEE ($395):

    • KW Philly for Philly office

    • OR Keller Williams Main Line for Main Line office

    • OR Keller Williams Realty for NJ

  • L & I REIMBURSEMENTS ($116): McCann Team LLC or Sarah Cadman

  • CONDO DOC REIMBURSEMENTS: McCann Team LLC

  • COURIER FEE/FEDEX REIMBURSEMENTS: McCann Team LLC

  • When incorrect checks are received, the admin need to go back to the title company and have it corrected. This can take some time to fix and until correct checks are received, no checks (including your commission check) can be processed

Post-Closing!

Processing Commissions:

• Please be sure to email closings a copy of your executed ALTA once your deal closes.

  • PHILLY and NJ: Drop checks off at the Philly office in the Commission Bin

  • MAIN LINE: Please send copies of ALL checks and executed ALTA to closings@mccannteam.com

    • You will then put the checks payable to Keller Williams Main Line in the commission bin by the MCA office with a COMPLETED cover sheet that is located by the commission bins.

    • The closing department will handle all commission payments!

  • We charge a $395 conveyancing fee on ALL deals. If you do not collect this fee you will be charge the minimum $75 processing fee by KW

• Bring back the lockbox! (if our listing)

• Closing Dept will then complete the following tasks

  • Turn in checks to get you PAID!

  • Update BrightMLS listing (if our listing)

  • Claim sale in Zillow

  • Add/Update Follow Up Boss

  • Order sign down (if our listing)

  • Add Coop Agent to our master agent database

  • Every month, Closings Dept will send an email out with that months sales, asking if they should send an email to your clients to review you on various websites

Did the deal die?

• Notify Closings Dept & Conveyancers, who will then take care of following items

  • Update BrightMLS (if our listing)

  • Track AOS release

  • Cancel title order, as applicable

    • Submit to the office once received for return of escrow deposit

  • Send returned escrow check to Coop Agent Any addendums, reply to inspections. signatures etc, at your request (email)