Prepare an estimated Seller Net Sheet/Estimated Proceeds/Cost of Sale
Good Escrow Officers & Title Reps can assist & send you a rough estimate. Most companies also have their own online calculators.
Escrow fees are oftentimes negotiable and can vary greatly from company to company. You can check out what our other agents are using & their feedback: TC: Service Providers/Affiliates/Vendors
Costs to Consider:
Remaining Loan Amount
Taxes
Commission
Title Fees
Escrow Fees
Courier & Admin fees
Reports/Inspections/Repairs
Order Transaction Coordination (TC) Service (urela.co/tc)
TC service is required for all transactions. There are different packages that you can choose from, ranging from Basic to Premium. We need to be informed about every transaction.
Residential Listing Agreement (RLA)
Submit "PREMIUM" TC order at urela.co/tc if you need our in-house TC's to draft RLA for you. You must do this if you are unfamiliar with the contracts.
You can only select a lower package if you are experienced with writing RLA's.
After Seller signs RLA, you must send to us ASAP. All executed docs need to be sent to us within 3 days or your file will incur a late penalty.
Exclude from the MLS (Required if Excluding)
Only if your Seller wants to exclude from the MLS for a number of days.
Depending on the MLS you are with, use SELM or CRMLS-Exclusive Form. Read LEARN: Exclude from theMLS/CRMLS to find out the right choice for you. The MLS may fine you if you do not have this executed by the Seller.
Gather information from Seller
Parking Spot/Storage Info- Use CAR form Parking & Storage Disclosure (PSD)
Pet Type & Location (Indoor, Outdoor, Yard, Garage, etc)
Property Access (Key copies & Entry codes)
Verify dates/schedule for Cleaning, Stating & Photography
Ask the Seller about property features & take notes to edit later for your property description & MLS Listing.
AC Type
Room Type
Laundry
Fireplace
Pool
Common Walls
View
Lot Features
Sewer
Main Level Bed/Bath
Parking
Water Source
Community Features
HOA Information
Provide Seller Disclosures
Good time to assist Seller if they have questions with TDS/SPQ (but NEVER do it for them).
Option #1: Have your Seller use Glide on their computer to fill out. It walks them through one question at a time with explanations. They can pause, save & return back to it to complete in a different sitting.
Option #2: If they prefer that you are with them in-person while they fill them out, there is an easy way to do on Glide. You will need to make sure that you understand the disclosures yourself so you can assist them.
Option #3: Print out Seller Disclosures & have the Seller fill them in by hand and you can scan them back to our TC's. It must be scanned back as a readable PDF, not a JPEG. Most common if your Seller is less tech-savvy.
Check with city if they have any sale requirements.
Sometimes cities can take multiple weeks to provide reports so it is best that you find out as early as possible to prevent future delays.
Lockbox will make it easier for you gain & share access to the property to agents or other vendors. Supra lockbox & keys are registered to each agent individually.
Go to Realtor Association office to get your key activated & purchase Supra lockbox if you don't have one yet.
Cleaning & Staging to get ready for Photos
Find nearby vendors online & email/contact at least 3 vendors for quotes
Search on Yelp, Google, Angie's List, Houzz, etc.
Get Property ready for Photos & Inform Seller on how they should prepare.
Finish your AVID/MLS Input Sheet/Property Description
Mandatory AVID: Photo appointment is good time for you to do your AVID early to save time & reduce risk.
You must send your AVID to support@urelosangeles.com for review before sending out for signatures.
Use Glide to easily do your AVID on your phone. You can even take photos on your phone to upload later on the computer. Ask your TC to send you the AVID Glide link ahead of time.
Take notes on all the property features that you want to include in the property description & on the MLS listing.
Get Property Flyer Designed & Printed
Gather your photos & property description to create a flyer using free tools or use our in-house Marketing Agency (EMS) to design a premium flyer (only $75)
Reach out to your title representative to get the address list that you want to target for your property. They are able to sort out renters, people who just bought their home, etc.
Usually want to send out one week before Open House
Post Open House Schedule on MLS a few days before Open House
Broker Open/Caravans- Check with your association to find out when are Broker/Agent Caravans, usually Tuesday or Wednesday
Public Open Houses- Usually Saturday/Sunday afternoon and up to your discretion.
Double check Google/Zillow/Realtor.com/Trulia to verify that your open house time & listing info is correct. After you make changes in the MLS, it may take some time for it to show throughout the different websites.
Email blast to VIP Agents/Buyers
Send an email blast showcasing your listing: "Not Yet on the MLS", "Just Listed", "Open House"
TC service is required for all transactions. There are different packages that you can choose from, ranging from Basic to Premium. We need to be informed about every transaction.
Receive Offers & Negotiate with Counter Offers
There are various counter offers for different situations so make sure you are using the correct form and thoroughly reading the terms they are putting forth.
If you are unsure about which escrow company to go with, please ask us and we can provide suggestions. Escrow fees are sometimes negotiable.
Keep in mind that Escrow companies & officers are not created equal. You want to avoid those with poor service as it may cause headaches in your Escrow process.
City Inspections (Call the city to confirm whether they have city specific inspections)
Anything else that is listed as Seller's duties in the Offer
Request for Repairs (RR)
If Buyer sends a RR, Seller can use RRRR (Seller Response and Buyer Reply to Request for Repair) in response.
Seller has 3 options:
1) Not respond- Seller is not required by the contract to respond to the RR.
2) Give a credit to the Buyer
Need to notify Escrow of any credits or changes to price
DO NOT notify the lender!
3) Pay a technician to have the issue repaired
Find nearby handyman/technicians online & email/contact at least 3 vendors for quotes
Search on Yelp, Google, Angie's List, Houzz, etc.
Make sure they are properly licensed & insured!
Need to obtain a receipt as proof of work.
Contingency Removal (CR)
Request from the Buyer & Selling Agent:
Buyer Inspection Election, Inspection Reports, Selling Agent's AVID, Contingency Removals any other Buyer Disclosures
Commission Instructions (CI)
Escrow will send CI that can only be signed by Broker only. Forward to Support & we will arrange.
Intra-URE Form: If splitting commission with another agent within United Real Estate Los Angeles, download this form from Paperless Pipeline Reference Section.
TC Invoice: If you are having your client pay for TC service, request this from Support.
Get Ready for Transfer/Closing
After all the Contingencies are removed, you can:
Termite Clearance (if negotiated)
Coordinate repairs with receipts
Schedule staging removal
Schedule final cleaning
Provide utility transfer info
Provide service provider (gardener/pool maintenance) info
Seller Notarizes Grand Deed
Demand pay off mortgage
Tax Withholding
Make sure Escrow Requirements all met
Final Walk Though/VP (Verification of Property)
Coordinate key transfer, parking info, gate/access info
Coordinate utility transfer process
Coordinate move in- move out process
Closing gifts to your clients
Remove yard "For Sale" Sign
Change MLS status to "Closed"
Send out "Just Sold" Marketing
Closing of Escrow
Seller should have their documents already signed with escrow and the grant deed notarized.
Listing agent and seller should be arranging transfer of keys, utilities, services and any other final details.
Buyer and buyer’s agent should also be doing a final walk through a couple days prior to the close of escrow to verify that all request for repairs were taken care of and to make sure the property is still as expected.
Usually when the grant deed is in and final funds have been received, the next day, the grant deed will be sent to the county recorder’s office to be officially recorded.
Escrow is Closed
When we receive recording confirmation, the buyer is officially the new owner.
Escrow will disburse closing packages to all parties:
Hard copies and/or PDF's will be sent of executed escrow documents, closing statements, checks, copies of invoices etc.
After we receive the commission check from escrow, we deposit the check into our bank account same day. We also scan the check and any other closing package documents into your Paperless Pipeline transaction for you.
Our Compliance Manager reviews all documents related to your file for final approval. It is imperative for you to have all your documents sent to our TC team in a timely manner so we can organize & audit them. If there are items missing, emails will be sent notifying you what is still missing.
After the commission check has cleared our bank account & the Compliance Manager has sent you a Congratulations email approving your paperwork, your commission funds will be scheduled as a direct deposit to the bank account you have on file with us. It takes 2 standard business days to process.
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