Listing Agent Responsibilities & Documents



Selling Agent Responsibilities & Documents

Meet to execute the purchase contract and complete the following:

1. Agency Disclosure and Disclosure to Represent More Than One Buyer or Seller

Both of these documents must be signed prior to signing the Purchase Contract

2. CA Purchase Contract

3. Buyer’s Advisory

4. Wood Destroying Pest Addendum

5. Cooperating Broker Compensation

6. Copy of Buyer’s Deposit Check

7. Proof of Buyer’s Deposit (bank statement, etc.)

8. Preapproval Letter from the Buyer’s Lender

Submit all of the above to the Listing Agent

Do NOT provide any disclosures, as this is the Listing Agent’s responsibility.

Complete all counter offers, and any addendums Listing Agent may provide during the negotiations.

Once the offer is accepted, provide a copy of the fully executed contract/ counters and addendums to the buyer’s loan officer. Loan officer may also request a copy of the Preliminary Title Report.

Listing agent will open escrow. Provide your buyer’s contact information to escrow including buyer’s address so escrow documents can be sent directly to the buyer. Ask for your copy of escrow instructions and the prelim to be sent directly to you or to your Broker’s office.

Listing Agent is responsible to provide the following:

Transfer Disclosure Statement, Smoke & Water Heater Disclosure, Lead Based Paint, Supplemental Statutory Disclosure, Statewide Disclosure and any other disclosures pertaining to the property. Also a termite report if a termite inspection was agreed upon.

Listing Agent is responsible to provide a Natural Hazard report which will include the following:

1. Supplemental Tax Bill information.

2. Flood zone

3. Fire hazard zone

4. Earthquake fault zone

5. Seismic hazard zone

6. Airport / Commercial proximity

7. Military Ordinance

8. Megan’s Law

9. Local Hazards

10. Radon

11. Toxic Mold

12. Farmland / Security Zones

Meet with your buyer to sign and initial all disclosures. Return the original copies to the Listing Agent. Make copies of all documents for your Broker file.

BUYER’S PHYSICAL INSPECTION

Seller must have all the utilities turned on for the Buyer’s inspection even if the property is vacant. This is provided for in the purchase contract.

Schedule a home inspection for the buyer. You are required to give a copy of the report to the seller.

Review the inspection report with the buyer to determine if he wants to requests any repairs or cancel the offer. If he wants the seller to make repairs, fill out a ‘Request for Repairs’ form.

The seller does NOT have to agree to any repairs of any kind. The seller does not even have to respond to the request. However, if the seller is not reasonable he risks the buyer cancelling the deal.

ESCROW

Escrow will require a copy of the purchase contract, any counter offers, and addendums.

Escrow doe NOT want a copy of the disclosures.

You must instruct escrow where to send the escrow instructions to you, or directly to the buyer.

Escrow will order the Preliminary Title Report. They will select the company based on which company was agreed to in the purchase contract.

MANAGEMENT OF THE TRANSACTION

As the Selling Agent you will want to stay in constant communication with the buyer’s Loan Officer to make sure the buyer is getting his loan approved. You will want to call escrow and make sure the buyer is cooperating by signing and returning escrow instructions.

Remember the seller only has 7 days to provide all disclosures. The buyer has 17 days to review, and approve all disclosures, do his inspections, request repairs, review the termite report, remove all his contingencies, OR cancel the agreement. Once the 17 days have expired the Listing Agent will request that the buyer remove his contingencies by fill out the form ‘Contingency Removal Form’. This is to insure that the buyer is on track to complete the transaction.

At this point you should have a 95% completed file.

You will only need the closing package provided by escrow after the close of escrow.

This package should include; Closing Statement, Home Warranty Receipt, Receipt showing buyer received the CC&R’s, and Termite Completion.

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