Milestone 00: Listing (applicable only in listing side)

Agent to send listing documents to audit@welakeside.com and cc broker@welakeside.com to kick off office process

Email subject: "LISTING Full_Address_to_be_replaced - MLSxxx"
(Email subject example: "LISTING 12404 xxth St, Mountain View - ML81924xx5)"

Checklist:
- Residential Listing Agreement (RLA)
- Agency Relationship Disclosure (AD)
*- FIRPTA Certification (mandatory)
*- Real Estate Transfer Disclosure (TDS)
*- Lead Based Paint Disclosure (built before 1978)
- Natural Hazard Disclosure Statement/Signature page (NHD)
- Residential Earthquake Hazards Report Signature Page
- Agent Visual Inspection Disclosure OR Agent Inspection Noted on page 3 of TDS
- Water Conserving Plumbing Fixtures and Carbon Monoxide (WCMD)
- Statewide Buyer & Seller Advisory (SBSA)
- Septic Addendum (in case of private septic instead of public sewer)
- Well Addendum (in case of private well instead of public water)

*- Square Footage Disclosure (download)
*- Notice to buyer : seller procured inspection report (download)
*- Waterfront Critical Areas (in case of waterfront) (download)

- Estate Sale Disclosure(download)
- Flooding & Environ Sensitive Areas Disclosure (in case of flooding zone)(download)
- Sewer Scope Inspection Advisory (in case of new construction)(download)
- 1031 Exchange (in case of 1031)(download)
- Short sale addendum to listing agreement (download)
- Short sale advisory and acknowledgement(download)

Like location, location, location to real estate appreciation, disclosure, disclosure, disclosure is a really important thing to avoid future litigation troubles.

*- Highlighted disclosure and inspection related items are so important, because the dollar amount of damage and penalty is far exceeding the commission agent collected. For example,
#1. (FIRPTA) Failure to withhold the "foreign seller" 15% of selling price of $8Million property could cause $1,200,000 tax liability to the buyer.
#2. (Square Footage Disclosure) Quote the seller's reported sqft which is 20% larger than the County's record of $5Million property could cause $1,000,000 liability to the listing agent.
#3. (Waterfront Critical Areas) Failure to advise the buyer to do their own due diligence to the Lake Washington waterfront property of $10Million could cause $5,000,000 liability to the listing agent.

Milestone 01: Mutual Contract Signed

Agent to send mutual contract to audit@welakeside.com and cc broker@welakeside.com to kick off office process

Email subject: "MUTUAL Full_Address_to_be_replaced - MLSxxx"
(Email subject example: "MUTUAL 12404 xxth St, Mountain View - ML81924xx5)"
Notes:

1. It's mandate that agents to submit RPA within 2 Business Days after mutual
This is a checkpoint where many agents failed.

2. DRE mandate to have Agency Disclosure.
DRE reinforced the agency disclosure, aiming to provide agents greater protection.
Please ask your clients sign any of the following form
- Agent as Listing or Buyer Agent
- Or Agent as Buyer (PrincipalBuyer Form to download)
- Or Agent as Seller (PrincipalSeller Form to download)
- Or Agent as Dual Agent (DualAgent Form to download) (Not allowed for one agent! Can be paired with another buyer agent of WeLakeside)

3. Escalation Clause triggered, Competing Offer has to be part of records to be achieved
Please send competing offer align with PSA in case escalation clause is triggered, no matter if you are on listing side or buyer side

Milestone 02: Disburse Form Signed

Agent to fill Commission Disbursement Authorization and add Fan Ten with email broker@welakeside.com as signer. Example of Seller Fund Commission Form, Example of Buyer Fund Commission Form

The company receives the e-sign requirement, reviews the form and signs it through remote sign.

Agent downloads the signed copy, together with wire instruction (ask your office) and sends it to escrow to execute (cc audit@welakeside.com and broker@welakeside).

Please let escrow know that only online wire is accepted, No Paper Check

Email subject: "CDA Full_Address_to_be_replaced - MLSxxx"
(Email subject example: "CDA 12404 xxth St, Mountain View - ML81924xx5)"

Why "Wire Only, No Paper Check"?
1. Fast (no wait for check clearing time)
2. More environment friendly
(no carbon dioxide emissions caused by UPS/FedEx, no paper manufacturing pollution)
3. No C-19 Virus (or any other virus)
4. No cost to you (company pays the wire fee)
5. Get your money even when you are traveling (out of town or even out of the country)
6. Less work (for everyone)

Milestone 03: Pre-closing Recorded

Agent to download closing form template   |   (pdf print version), fill the contents, attach other essential documents (please find the checklist inside the downloaded form template) and send to audit@welakeside.com and cc broker@welakeside.com for record.

Important notice: The content is more important than the format. If you have problems working with the excel file, please type the needed information as plain text in the email you will send out, as an alternative solution.

Email subject: "RECORD Full_Address_to_be_replaced - MLSxxx"
(Email subject example: "RECORD 12404 xxth St, Mountain View - ML81924xx5)"

Email content example
1. Closing form Excel file (template defined by WeLakeside) (download template)
2. Listing detail PDF file (download from MLS)
3. Earnest Money Receipt PDF file (sent from Escrow)(example)
4. Final Settlement Statement (sent from Escrow)(example)
5. Mutual accepted contract PDF file
6. Agency Disclosure (or other dual, principal forms)
7. Competing offer in case escalation clause is triggered in multiple offers scenario
8. CDA Commission Disburse Form
9. Tax Withhold FIRPTA Certification
10. Notice and Disclosure to Buyer of State Tax Withholding on Disposition of California Real Property
11. Condor resale certificate (needed only for condor/apartment)
12. Lead-Based Paint and Hazards Disclosure (needed only for property built before 1978)

Example 01 | Example 02 | Example 03 | Example 04


Example 05 | Example 06 | Example 07 | Example 08





Why "closing form template"?
1. Useful
(We had cases that our clients had issues on title recording a few years after closing. With this information, you can easily find the escrow and title agents who handled the transaction and fix the problem rather quickly)
2. Better organized (for quick recall your transaction closed a few years ago)
3. Easy pass the Audit from DRE

Milestone 04: Commission Distributed

The company receives the commission from Escrow.
After deducting the local/county/city/state tax/insurance and transaction fee, the company directly deposits the remaining commission to the agent's bank account online.

Milestone 05: Transaction Closed

Company review, audit and record the transaction according to regulation requirements with Agent's inputs if any.

Miscellaneous 06: Earnest Money

Any change about Earnest Money needs to be notified to the seller(s) and documented in written files.

The changes includes but not limited to
- Delay of delivery
- The method of delivery
  (for example, changed from check to wire)
  (that's why it's recommended to use 'Check or Wire' in PSA)

The seller(s) needs to be notified about the change either by email or by mutual sign the updated existing form or new change form.

The email, or the updated existing form or the new change form used to communicate the change needs to be documented and achieved.

Miscellaneous 07: Other Forms

Referral Form

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