Listing Accepted Offer Now What to Expect

Purchase Agreement

• Once both sellers and buyers have signed the purchase agreement- make sure the buyer's agent has a copy.

• Send a copy of the purchase agreement to title. 

  • Listing agent and/or Seller pick the title company

• Send a message through Dotloop asking for status change on the MLS.

  • Examples of status changes  Inspection, Statutory Rescission, Sale of another property. This is based on the purchase agreement.

  • If property is going straight to pending- a MLS Change form is needed. This typically happens when a property is a cash offer and/or no inspection (including well/septic) AND is not part of a HOA.

    • On the MLS Change form the Selling Agent field = Buyer Agent

  • How to message office staff in Dotloop.

• Submit the file for review once you have the executed/signed PA. (Both the listing folder and the sales folder)

  • How to submit for review

  • Once audited by office staff - status of the loop will be updated (approved or returned to agent)

  • If returned to agent, correct audit items and then send message through Dotloop advising audit items have been completed.

    • How to check audit issues

Earnest Money

• Due to JP Willman within 3 business days of the accepted date on the purchase agreement.

  • Must submit a Earnest Money Deposit form to the office (Paper copy attached to the check or electronically  via Dotloop if the Buyer submitted earnest money through Trustfunds)

  • Earnest Money Deposit Slip

Inspections -If Applicable

•  Advise sellers that there will be an inspection done on the property  and what to except during the inspection.

  • Inspection Video (Ben/Champ)

• If Well and/or Septic inspection is necessary, refer to Addendum to purchase agreement: Subsurface Sewage Treatment System & Well inspection contingency.  

  • This document will outline who is responsible for obtaining the tests/certificate of compliance. 

• The buyers pay for the home inspection.

• Once inspections are completed - complete a MLS change form for the property to go pending (Unless property is part of a HOA). Then send a message through Dotloop to advise change to pending.

HOA/CIC Docs-If Applicable

• Advise sellers to order HOA/CIC documents once there is an executed/signed PA.

• These documents are only valid for 90 days.

• Once  you  receive ALL CIC docs from the seller pass along to buyer's agent.

• The documents or package must include the following:

  • Resale Disclosure Certificate (Buyers must sign this documents within 10 days of receiving)

  • Covenants, Conditions, Restrictions, Bylaws, Amendments, or Supplemental Declarations etc.

  • Declaration of the Association (and Master Association, if any)

  • Rules and Regulations for the Association (and Master Association, if any)

  • Projected Annual Budget of the Association

  • Articles of Incorporation for the Association (and Master Association, if any) 

• If inspection(s) have been completed and CIC documents have been received by buyers, complete a MLS change form for the property to go pending. Then send a message through Dotloop to advise change pending.

Appraisal

• Buyer's lender will order the appraisal once all the inspections and contingencies have been lifted.

Written Statement-If Applicable

• Follow up on written statement the day prior or the day of  with buyer agent.  (This date is found in the purchase agreement typically on the 2nd page)

Earnest Money Cut Back-If Applicable

• If earnest money collected is more than the commissions to be paid out, complete an earnest money request back form. 

• Then message through Dotloop asking for this to be completed with the form completed in Dotloop

  •  Earnest Money Request Back Form.

Commission Board

• Complete commission board on the HUB

  • How to Complete a Commission Board

Prior to Closing

• Advise clients to contact utility companies to advise move out date and new owners will be taking over

• Advise clients to update trash company for final pick up- Trash must be removed from property before closing

• Make sure all inspection items (if any) are taken care of and receipts/paid invoices have been provided to the agent.

• Advise clients what typically stays with the property

  • In general, all appliances window coverings, drapes, rods, valances, TV mounts, and mounted speakers, unless otherwise specified in the purchase agreement. 

• Advise clients what typically leaves the  property with them

  • Cleaning supplies, construction supplies, and all personal property, unless otherwise specified 

Final Walk Through

• Buyer(s) will typically have a final walk-through the night before or the morning of closing. The lockbox will remain on the property as the buyer’s agent will most likely remove the lockbox during the final walk-through and bring it with to closing. The buyer(s) will check to make sure that the following are complete:

  •  All repairs have been made per the inspection amendment (if applicable)

  • Items included in the contract remain in the home

  • Home is nearly/completely empty and broom clean. Sellers must be fully moved out by the closing date/time

Leave on the Kitchen Counter or in a Drawer

• Garage door openers (if there are any)

• All keys, except one set, which should go to closing

• Manuals, warranties, any alarm system info, garage door codes, etc. (if there are any)

After Closing

• Review closing check and alta to ensure everything is correct.

• Drop off check to the office if you are present or have the check mailed to the office

  • 11671 Fountains Drive STE 200, Maple Grove MN 55369

• Make sure all audit items in DotLoop have been cleared up

• Make sure commission board is entered and correct. 

• Once everything is completed and check arrives to the office prior to 3pm- check will be processed same day and in bank account the next business day.