Hello Everybody,
I just got a promotion in my office, and I am the transaction coordinator.
I am a little upset, because one of my agent just closed escrow on a deal, but when she gave me the file, it was a mess! Forms were missing, disclosures not signed by seller (we represent the buyer). Because our office policy is (complete your file or you don`t get paid!)my agent is very pissed. She also screwed up in this deal with the listing agent, and consequencely the listing agent will not even speak to her.I know it sounds like a soap opera but to make a long story short, my questions today are:
1.I am missing some of the pages of disclosure forms (TDS P.1, Spq P.2-3, Lead based paint P.1,Statewide Buyer and Seller Advisory P.1-7)Do I need all the pages of the forms? because the one I have, are signed by both party.
2.Can you guys direct me to a website that explain how to have a complete file in case you get audited.(So I can cover my company`s ass!)
If you could help me I would really appreciate it
Thank you all!

Your broker should have given you very detailed directions on what should be included in files. If your broker didn't provide you with some good checklist, set an appointment with him/her to develop some. I give each of my agents files with checklists and tabs in place and ready to go. If all the boxes are checked off I know the file is complete... I've made it as easy as humanly possible. Does that make it easy for me to get complete files??????? Nope. Give them good direction as to what you need- but don't go digging everything up for them, or you will be doing that for every agent every time they have a closing. Just so you know that this situation doesn't sound like a soap-opera: it sounds pretty darn normal.

I used to be a transaction coordinator and I know there are some extremely unorganized agents out there. Like the above comment said, you need a checklist, and most of the documents you mentioned at least the company I work for requires them and by that I mean every page with every signature and initial need them.

The transaction coordinator is the file guru in our office - if she doesn't know which forms are needed, we're all in trouble.
Your job is not to cover anyone's a$$, your job is to absolutely, without compromise, get it done right the first time.
Find our from your brokerage administrator what protocol is, but it might go something like ths...

1. Call your company's client to coordinate all needed signatures and initials.
2. Call the other side's agent to tell her you are faxing over some pages that need signatures and initials.
3. Keep proof that you faxed it to the agent, so that if you never get the signatures, you have proof that you made the attempt.
--A

For future reference, audit the file the day before the scheduled closing. If there are forms missing, the agent can get them signed at closing. It's much more difficult to get anything signed after closing.

It sounds like all of the documents exist, but you have a couple of pages missing here and there and due to a rift between the agents there is no communication to complete the file.

My suggestion, call the transaction coordinator at the other office, and explain the situation. After commiserating about the hordes of barbarian agents in both offices she will probably be glad to help you complete your file.

I would hand the file back to the agent with a checkoff list of required docs and tell him/her that the broker requires the docs to be completed before commission checks are cut. period.

You are not babysitting.

When an agent doesn't get a commission check and has to wait three or four days, the file will be completed from then on....you can bet on that.

Some docs are very important to get completed. The LBP addendum must be filled out correctly and signed by buyer and seller AND both agents.

The state agents called on some of the offices in our city last year and asked for all the files back two years. For every LBP addendum that was not signed by BOTH agents the office was fined $125. One office was fined more than $17,000.

First thing you need to do is put together a Checklist of all required documents for closing. Distribute this to all agents with a memo that they will not be paid unless all docs are in the file.

Take this checklist and the file in question and give it back to the agent in question. Make sure the agent understands that no commission checks will be issued till all the required documentation is in the file. Tell her to fix this if she expects to be paid.