Buyer Document Glossary.pdf

Document Glossary for Buyer transactions And document instructions Red = Required document Orange = sometimes required, depends on the transaction Blue text = signature instructions RED = do NOT GREEN = do Buyer Documents - New buyer documents for a new property, meaning if they have previously purc...

Document Glossary for Buyer transactions And document instructions Red = Required document Orange = sometimes required, depends on the transaction Blue text = signature instructions RED = do NOT GREEN = do Buyer Documents - New buyer documents for a new property, meaning if they have previously purchased they still need new documents. Not needed for each new offer, only when expired. These documents are NOT shared with anyone, only uploaded to command. Signed by buyer and buyer's agent. BAC - buyer agency contract, required to be signed by buyer and agent. ○ Put a 1 year expiration date from the day you are completing the document DFI - required to be signed by buyer and agent CN - required to be signed by buyer and agent A.C. 650 - required to be signed by buyer Additional buyer documents - sometimes required Referral Agreement - if we are paying out a referral to another agent besides an agent on our team, we need a signed referral agreement. There is a template for these in Zylkia’s dotloop account named “Referral Agreements' '. Check there first before requesting one. This is required to be able to send or receive referral fees. ○ Signed by both agents, share as view only & attach as pdf ○ Share only with referring agent ○ Upload to command Change to BAC - this is only needed if there are any changes being made to the buyer agency agreement once under contract. For example, the broker’s service fee is being waived. ○ Signed by buyer and buyers agent ○ Only upload to command Offer / AOS Documents - ALL docs uploaded to command AOS - Agreement of sale, must be completed using the information on the offer spreadsheet. Use Highlighted AOS important things as a reference when checking the document after auto-filling it. There are some things that do not autofill. Please check it 3 times before letting the agent know it is completed. ○ When checking for compliance after going UC, please use the above highlighted AOS and make sure all dates are correct, the accepted date is on or before the executed date. Check that the MC date makes sense. And any other important info is correct, you can use the MLS to confirm some items. ○ ANY changes made during negotiations need to be initialed by ALL buyers and sellers in order to be compliant. ○ Send executed AOS to listing agent via DL as view only & attach as pdf ○ Send to lender and title company in email #2 - attach docs to email SPD ○ When it’s an estate sale, it can be blank. ○ ○ Send listing agent with executed AOS via DL as view only & attach as pdf ECC - Estimated closing costs are required to be completed and sent with an offer, required for ALL offers. ○ See Copy of Highlighted Example CC est.pdf for help. ○ Remember if there’s no mortgage, ALL amounts in the lender section need to be erased. ○ Signed by buyer only ○ Do NOT send to anyone, only upload to command LPD - Lead based paint disclosure is only required for homes built before 1978 ○ add buyers name and date of agreement in the top of the buyers section (about half way down the page) ○ add initials on the top (no knowledge) ○ add initials on the bottom (received pamphlet) ○ Add “Keller Williams Platinum Realty” and buyer agent’s signature on bottom ○ Signed by buyer, seller, and both agents Make sure buyer’s name and date are listed on line 25 & 26 ○ Send to listing agent with executed AOS via DL as view only & attach as pdf ○ Send to lender ONLY for FHA/VA loans with email #2 - attach docs to email DMN - deposit money notice, required to be signed by buyer for all offers ○ Send to listing agent with executed AOS via DL as view only & attach as pdf FHA-FYP - required to be signed by buyer for all offers ○ There’s an english and a spanish version ○ Signed by buyer only ○ Do NOT send to anyone, only upload to command Title Commitment - received from the title company about mid-way through a transaction ○ Send to buyers agent to review ○ Send to listing agent once received via DL as view only & attach as pdf Municipal Transfer Docs - only required if there are municipal inspections or a CO (certificate of occupancy) ○ Received from listing agent ○ Send to buyers to sign (if needed) or review ○ IF NEEDED: After it’s signed, send back to listing agent via DL as view only & attach as pdf SPD waiver - required by KW compliance for all offers ○ Signed by buyer only ○ Do NOT send to anyone, only upload to command Pre-Approval/Proof of funds ○ No signatures needed ○ Send with an offer to listing agent ○ After accepted offer, only upload to command Copy of EMD ○ Either buyer provides copy before sending or brokerage holding EMD will provide a copy ○ Send to lender and title company once received Utility Info Sheet ○ Seller needs to complete, send blank one to listing agent if one wasn’t provided. ○ Upload to dotloop and command ○ Email sent to buyer with information CBC - cooperating broker agreement ○ Needs to be signed by buyer agent and listing agent ○ If Buyer’s agent signed first, share with listing agent as view only & attach as PDF requesting their signature ○ If Listing Agent signed first, request buyer’s agent signature then share back with listing agent via DL as view only & attach as pdf MC - Mortgage Commitment ○ Received from lender by due date ○ Doesn’t need any signatures ○ Send to listing agent via DL as view only & attach as pdf Copy of appraisal ○ Sometimes received from buyer or lender ○ Do NOT share with listing agent, unless instructed otherwise by buyers agent ○ Upload to command Copy of homeowners insurance policy ○ Received from buyer or insurance agent ○ Do NOT send to listing agent ○ Send to lender once received via DL as view only & attach as pdf Settlement notice ○ Received from title company ○ Send to listing agent once received via DL as view only & attach as pdf ○ Send to buyers once received ○ Upload to buyers drive folder & command ○ Update calendar invite with time and location and attach settlement notice PRELIMINARY ALTA FOR REVIEW ○ Request from the title company before settlement ○ Send to buyer’s agent via email ○ Do NOT send to anyone else ○ Does not need to be uploaded anywhere Signed ALTA ○ Received at settlement, agent need to email you a copy ○ Upload to command and add to closed form ○ No need to send to anyone else PSW - Pre Settlement walkthrough ○ Signed at settlement by buyer and seller, agent needs to email you a copy ○ Reshare executed document with listing agent and buyer via DL as view only & attach as pdf Inspection Documents - sometimes required Home Inspection - only if elected on AOS ○ NEVER share with lender or title company ○ ONLY share with listing agent if instructed to by buyers agent via DL as view only & attach as pdf ○ CAN be shared with the buyer Termite Inspection ○ Add buyer’s signatures and send via dotloop as “Can Sign” ○ After it’s signed, share with listing agent via DL as view only & attach as pdf requesting seller’s signature ○ Can be shared with lender for FHA/VA loans only - No need to send to title Any other inspections (Water, Septic, and any other inspections) ○ NEVER share with lender or title company ○ ONLY share with listing agent if instructed to by buyers agent ○ CAN be shared with the buyer BRI - Buyer’s reply to inspections ○ Needs to be completed on or before due date on AOS (typically 10-15 days) ○ This document is where they accept the property or request repairs, additional compensation (sellers assist) or price change ○ Only signed by buyer ○ Sent to buyers agent ○ DO NOT sent to lender or title CTA - Inspection Repairs ○ All negotiations will be on this CTA from BRI, might not always match BRI ○ Needs to be signed by buyer and seller ○ DO NOT send any repairs to lender Only send to lender if it’s JUST sellers assist or price change Agent’s know this, but please make sure you’re checking for this! Very important!!! Addendums to Agreement of Sale - sometimes required, check AOS or with buyers agent ACA - appraisal contingency addendum ○ Only if selected at the end of the AOS ○ Sent with executed AOS to listing agent via DL as view only & attach as pdf ○ Sent with Email # 2 to lender - attach docs to email PEA - Price escalation addendum ○ Only if selected on end of AOS ○ Sent with executed AOS to listing agent via DL as view only & attach as pdf ○ Check with buyer’s agent before sending to lender RRT - Repairs / corrections required by third party ○ Only if selected at the end of the AOS ○ Sent with executed AOS to listing agent via DL as view only & attach as pdf ○ Check with buyer’s agent before sending to lender Sale & Settlement Contingency ○ Required if a buyer needs to sell a home in order to purchase another one ○ Needs to be selected at the end of the AOS ○ Sent with executed AOS to listing agent via DL as view only & attach as pdf ○ Sent with Email # 2 to lender/title - attach docs to email Addendum - Appraisal Gap ○ Will NOT be selected at the end of the AOS ○ DO NOT send to lender or title ○ Sent with executed AOS to listing agent via DL as view only & attach as pdf Addendum - any other addendums created during the initial negotiations ○ Check with buyers agent on instructions for any additional addendums before sending to anyone! Any additional change in terms during the UC process CTA’s ○ Any change in terms that occur during the transaction need to be signed by buyer and seller and uploaded to command ○ Ask buyers agent for specific instructions if you are unsure. ○ NEVER send to anyone without checking first ○ There are occasionally some documents that can NEVER be shared with a lender, sending the wrong thing could be detrimental to a transaction. Please keep this in mind at all times! ECC - If the sales price, settlement date, or sellers assist is changed at any point throughout the transaction, a new estimated closing cost needs to be created and signed by buyer. Then uploaded to command. Any other documents during the transaction, may not be related to the AOS FHA Amendatory Clause ○ Sent from lender ○ Needs to be signed by buyer and seller, then sent back to the lender. Any other document, check with Angela or Zylkia on who it can be sent to BEFORE sending to anyone until you are familiar with things.