Buyer's Agent: Pending Transaction Checklist

Print out this list next time you begin a transaction as a buyer’s agent. These are the forms you need to obtain signed by your buyer. You will want to have a conversation with your admin to ask how they prefer these forms to be delivered. It’s all fluid but following your admin’s preferences is going to make them happy! Trust me, you don’t want a team member unhappy in a real estate transaction. They could prefer a simple share on Dotloop, an email with attached PDFs, or a printed hard copy on their desk in a manila folder. One mistake that I made when I first started is I sent over my paperwork at different times throughout the transaction. In my head, I was using the “send as you go” method but to my admin, it was chaotic and confusing to keep track of.

A platform that you will need to learn is Dotloop. This is an application that allows clients to digitally sign paperwork. As the agent, you input their information: names, emails, addresses, and phone numbers. Then, they are sent a secure email that allows the client to sign the documentation legally with an attached time stamp. It sounds easy enough, but one spelling error can automatically void your paperwork because it’s not their legal name.

Make sure you have these documents signed as soon as you’ve obtained a pending contract:

Pre-Approval Letter. A pre-qualification letter is a document from the lender stating the lender in tentatively willing to lend your client money.
Executed Contract. An executed contract is when you have all parties’ signatures confirming that all parties have fulfilled contractual promises.
Consumer Guide to Agency Relationships. The Consumer Guide To Agency Relationships is a document that is thoroughly discussed in both the Law and the Principles & Practices classes for real estate pre-licensing requirements.
Lead-based Paint Disclosure. The lead-based paint disclosure form is a required form to be issued to all tenants and potential buyers for residential properties built before 1978.
Agency Disclosure Statement. Agency disclosure is a written explanation, to be signed by a prospective buyer or seller of real estate, explaining to the client the role that the broker plays in the transaction.
Receipt of Earnest Money. The earnest money deposit receipt is given to a buyer of real estate after entering into a purchase agreement with a seller. The deposit slip is given to the buyer after funds have been received which binds the parties into the agreement.

If you think you are missing something, just ask! Never be afraid to call your manager, your admin, or a fellow agent. The co-operating agent in the deal is on your team. You are working together to put this deal together so if you feel that something is not right, call and ask questions! You don’t want to miss a deadline or not have the correct paperwork and have the issue land on you. Great communication helps the deal go through. If you are just starting out in real estate, it’s refreshing to be transparent. Have an open conversation with the corresponding agent (once your under contract) and say “hey, I am new to this, do I have everything you need?” Then, they won’t be afraid to step in and give you reminders. This will help create a learning environment and prevent mistakes from lack of experience.

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