Escrow & Closing
Summary of Contingencies to the Contract (RPA)
6 Required Contingencies:
- Condominium/Planned Development Disclosures
- Buyer's Investigation of Property and Matters Affecting Property
2 Optional Contingencies:
- Please make certain that you deliver an organized transaction file to Realty Benefit upon close of escrow in order to get paid on-time.
- Your file must follow the order listed in the appropriate Transaction File Checklist. You can find the latest version of all Transaction File Checklists by clicking here - Transaction File Checklists
- Please discard all older versions of the Residential File Transaction Checklist that you may be using.
Tips for Maintaining a Neat and Orderly File
Your files are a record of every event relative to your client and/or the listing. You must maintain a neat and orderly file on every client/listing with whom/which you work.
Please note that all files are the property of the Broker and, as such, are to remain in your possession, the Broker's Agent, until the file is closed. All closed files will remain with the Broker and held in storage for a minimum of three (3) years in accordance with real estate law -- after which time they may be destroyed at the discretion of the Broker.
Your file should contain:
- Copies of all disclosures and reports or any other writing delivered to you or your client, as required by the Broker’s Transaction File Checklist.
- Be sure that all copies contain the signatures of all parties required to sign. Anytime your client receives a written document regarding the transaction you must obtain a copy of the same document for your file.
- An accurate, comprehensive telephone log and/or journal of your activities relative to your file/client/listing. Again, anytime you do anything relative to the file you must make a journal entry in that file.
Always write down the following:
- The name of any person you spoke with.
- The date and time of the conversation or activity.
- The subject matter of the conversation or activity, and the result of the conversation or activity.
Your file should also contain:
- A checklist and calendar of important information and deadlines.
- Copies of all correspondence with your client.
- Copies of all offers and counter-offers and contract addenda.
Remember, your file must be complete to receive compensation!
Get paid on time and avoid fines! - your transaction file must include all mandatory and other required documents. Again, for proper file set-up and organization please refer to the appropriate transaction file checklist: