CONTRACT OMISSIONS
Once a contract is signed, it's done.  No one can help you correct omissions.
Agents are getting better about having their clients sign all areas in contracts. However, Agents are often forgetful that they must sign contracts too!

DISCLOSE YOUR ROLE IN THE TRANSACTION - SIGN IN PLEASE!  
Remember to sign wherever you are required to do so on any real estate contract at the time that you negotiate that contract with or  for your client.

 2.    LISTING AGREEMENT: AGENT DOESN'T PROVIDE BROKER INFORMATION OR SIGN.  Listing agreements signed by the Seller but not signed by the Agent are not complete and may not be binding contracts.  Winforms auto-populates your information in contracts but doesn’t sign for you. You may list the property, market the property, sell the property at top dollar and then be deprived of a commission because you didn't sign the listing.

 3.   RPA-CA:  AGENTS DON'T PROVIDE BROKER INFORMATION OR SIGN: The Seller's Agent and Buyer's Agent are required to disclose their participation in the transaction. REAL ESTATE BROKERS is in a BOX on Page 8 of the Residential Purchase Agreement - CA that asks for Broker and Agent information. Winforms auto-populates your information but doesn’t sign for you. Winforms does not auto-populate the Co-op Broker/Agent information. Be sure both Agents' information is filled out completely and signed.  Your client may just forget you by the close of escrow.

 4. RPA-CA or FINAL COUNTER OFFER:   AGENT DOESN'T SIGN THE CONFIRMATION OF ACCEPTANCE:  The date of the confirmation is the actual date of acceptance that triggers all the contingency removal dates. Furthermore, the validity of a contract may be disputed without a confirmation acknowledgement.

 5. ADDENDUM TO THE PURCHASE AGREEMENTS:   AGENTS SUBMIT AS A DISCLOSURE - An addendum to any agreement is a page that is added to and is now a part of that agreement. Many Agents treat the Addenda to the Purchase Agreement as though it were a disclosure.  It is not. It is page of the contract that the Agent did omitted during negotiations. 

 Co-op Agents often submit addenda with the Seller's Disclosure Package or, more commonly, in panic 3 days prior to COE because they need it for their file in order to get paid. YOU don't need other Broker's addenda for your files! The Co-op Agent's lack of organization should not become your emergency.

 It may not be in your best interest to just have your client sign a Co-op Broker's addendum to the purchase agreement on demand.  The date of the Addendum and the contract won't match. More importantly, the content of Addenda may make a difference to the Buyer and/or to the Seller as to whether he would want to proceed with the sale or whether he would want to re-negotiate the commission with his Agent. When REMERGE receives an Addendum to any contract, we fax or e-mail it to you for instructions on how you want to proceed.  Please consult with your Broker or lawyer for advice on this matter.

 CLOSE OF ESCROW IS THE BEGINNING OF 3 CLOSING PROCESSES

The end of escrow marks the beginning of the closing processes for escrow, REMERGE Transaction Coordinators and the Broker.  Payday is never the same day as the close of escrow. The transaction is not ready to disperse commissions until these processes are complete.

 1.     ESCROW must complete the accounting on the file, prepare a settlement statement for the Buyer and the Seller, assemble final closing packages for 2 Brokers, the Buyer and Seller that include: amendments, settlement statements, termite clearance, home warranty confirmation and other miscellaneous docs and disburse correct payment of all invoices submitted. Allow at least one full day for escrow to “figure the file”.  Delivery of the closing packages and checks to all parties by mail or messenger takes another full day.  (Total: 2 days)

 2.     REMERGE Transaction Coordinators gives first priority to closed files. On receipt of the closing package from escrow, payment and documents are logged, web files go through a final review, complete files are archived in checklist order and duplicated as ordered. Messenger delivery of the complete file to the Broker takes another full day. (Total: 2 days) Add time for files that need to be mailed. NOTE:  Many of your Clients order a duplicate CD file. Scanning files that are incomplete files or files that have documents out of order is not a good conclusion of your service or ours.

 3.     YOUR BROKER has a closing process too that includes logging the file, checking the closing statement, reviewing, signing the file and performing accounting operations. (Total: 1day) If accounting is an outside service, add their turn-around time.

 Applying pressure to escrow to hurry, to REMERGE to submit an incomplete file and to your Broker to pay commissions ahead of proper closing processes creates a fertile environment for errors and omissions to occur in one or all of the processes. REMERGE Transaction Coordinators wants to steer you and our company away from potential E&O hazards.  Allow everyone the time that they need to complete their processes properly.

E-mail to: Shelly Gorenstein, REMERGE Gazette Editor shelly@remerge.com We're here for you!

 REMERGE Staff                        Phone   & Voice Mail                 E-Fax                            E-mail

Shelly Gorenstein, Director                   949-582-5812 x 100                                949-215-2725                          shelly@remerge.com
Robin McCullough, Coordinator         949-582-5812 x 101                                949-716-9047                          robin@remerge.com
Cindy Guss, Coordinator                        949-582-5812 x 102                                949-215-3305                          cindy@remerge.com
Tatiana Flash, Coordinator                   949-582-5812 x 103                                949-215-0493                          tatiana@remerge.com
Constance Hundley, Coordinator        949-582-5812 x 104                                949-215-3856                          connie@remerge.com
Charles Gorenstein, Tech Support      949-215-6220                                            949-716-9177                          remerge@cox.net