FEATURE: Get Organized!

BY BARBARA BALLINGER

Critical Documents

Compiling a file for each transaction is a surefire way to manage your liability risk. Here's what to include:

12 Documents Every Listing Agent’s Transaction File Should Have

1. Listing agreement, including comparable market analysis
2. Agency disclosure forms (including any dual agency disclosures), signed or acknowledged, if applicable
3. Property condition disclosure form, if applicable
4. Marketing materials, including newspaper ads and printouts of online listings
5. Relocation or referral information, if applicable
6. Correspondence and phone logs with buyers, sellers, attorneys, other agents, and other parties involved in the transaction
7. Inspection reports, if available and applicable
8. Lead paint or other hazardous materials disclosure, if applicable
9. Copy of purchase contract and addenda
10. Copies of invoices for completed repair work required for sale, if available
11. Settlement statement (HUD-1 Form), if available
12. Escrow account records relating to the transaction

11 Documents Every Buyers’ Agent’s Transaction File Should Have

1. Buyer agency agreement, if applicable
2. Records, notes and reports regarding properties shown
3. Agency disclosure forms (including any dual agency disclosures), signed or acknowledged, if applicable
4. Property condition disclosure form, if applicable
5. Relocation or referral information, if applicable
6. Correspondence and phone logs with buyers, sellers, attorneys, other agents, and other parties involved in the transaction
7. Inspection reports and repair estimates obtained, if available and applicable
8. Lead paint or other hazardous materials disclosure, if applicable
9. Copy of purchase contract and addenda, including records, notes and drafts of contracts, as well as those from any contract offers not accepted, and also including comparable sales data provided in connection with contract negotiations
10. Copies of invoices for completed repair work required for sale, if available
11. Settlement statement (HUD-1 Form), if available

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