Buyer Transaction & Closing Procedures

Agents are responsible for ensuring that all required documents are completed, signed, submitted, and maintained throughout the transaction. Use the following checklist for buyer transactions:

1. Before Showing Property

Before showing property to a Buyer, the Agent must have the Buyer complete and sign the appropriate documents, including:

• Exclusive Buyer Brokerage Agreement, or other applicable buyer representation agreement based on the Buyer’s needs.
• Buyer Financial Worksheet.

2. Home Warranty Information

Agents should provide Buyers with information regarding available home warranty programs and explain the applicable options as appropriate.

3. Purchase & Sale Agreement

Before submitting a Purchase and Sale Agreement, the Agent must ensure that the agreement is:

• Fully completed;
• Signed and dated by all required parties;
• Properly accepted; and
• Accompanied by the appropriate legal description of the property, unless the closing attorney or closing agent will provide or complete the legal description.

Any changes made to the contract after execution must be properly documented by having the appropriate parties initial, date, and time the changes, or by using the appropriate counteroffer or amendment form.

4. Addenda & Exhibits

Include all applicable addenda, exhibits, disclosures, and supporting documents required by the transaction. Depending on the property and transaction, these may include:

• Seller’s property disclosures;
• Lead-Based Paint Disclosure;
• Plumbing Retrofit Exhibit;
• Financing Contingency;
• Appraisal Contingency;
• Condominium or Homeowners Association documents or fee exhibits; and
• Other applicable addenda or exhibits.

This list is not exhaustive. Agents are responsible for identifying and obtaining all documents applicable to the specific transaction.

5. Client File

Agents must maintain copies of all fully executed transaction documents for the Client File. Company-required records must be submitted and maintained through CRIM Realty’s designated document management system, corporate office, or contracted electronic storage system, as applicable.

6. Earnest Money

If CRIM Realty is not holding the earnest money, the Agent must obtain a copy of the earnest money check and submit it with the executed contract.

If CRIM Realty is holding the earnest money, the Agent must follow the procedures outlined in the Earnest Money Guide.

7. Submit Documents to CRIM Realty

All required transaction documents must be submitted to CRIM Realty immediately upon acceptance of the contract, in accordance with Company submission procedures.

8. Keep CRIM Realty Updated

Agents must promptly notify CRIM Realty of any material changes or issues affecting the transaction, including:

• Contract amendments or changes;
• Changes to the closing date;
• Changes involving the closing attorney or title company;
• Financing or appraisal issues;
• Termination or extension of the contract; and
• Any other material matter that may affect the transaction or closing.

Agents must also provide CRIM Realty with the closing attorney’s or title company’s current email address and telephone number so that commission instructions, commission checks, and final settlement statements can be properly coordinated.

9. Closing Checklist & Payment Requests

Agents must use the CRIM Realty Closing Checklist to confirm that all required transaction documents have been obtained and submitted to the Company.

When requesting commission payment or direct payment, the Agent must submit all required payment documentation, including the applicable Request for Payment or Request for Direct Pay Form.

Agents are responsible for ensuring that all required Company and regulatory transaction documentation has been properly completed and submitted before requesting payment.

10. Closing Submission

The CRIM Realty Closing Checklist must be submitted with all closing and commission payment requests.

Failure to submit required documentation may delay commission disbursement until the transaction file is complete and all applicable Company requirements have been satisfied.

Short Sale Transactions

Short sales involve both real estate and mortgage-related activities. Agents must understand the distinction between activities permitted as part of real estate brokerage and activities that require mortgage licensing under the Georgia Residential Mortgage Act (GRMA).

What Agents May Do

A Georgia-licensed real estate broker or salesperson may participate in a short sale as part of the Agent’s normal real estate brokerage activities. Agents may:

• Communicate with the seller’s lender regarding the real estate transaction;
• Provide the lender with factual information about the property and transaction;
• Provide property-related documents and information requested by the lender; and
• Assist the seller with the real estate aspects of the short sale.

The Georgia Department of Banking and Finance has specifically stated that a licensed real estate broker or salesperson may provide facts and information regarding the subject property to the lender without obtaining a Mortgage Loan Originator license.

What Agents May Not Do

Agents may not engage in activities that constitute negotiating, placing, or finding a mortgage loan unless properly licensed or otherwise exempt under Georgia law. This includes negotiating the terms of a mortgage loan on behalf of a client.

Agents should not:

• Negotiate or modify the terms of the seller’s mortgage loan;
• Act as a mortgage loan originator without the required license;
• Make mortgage decisions on behalf of the seller; or
• Perform mortgage-processing or other mortgage activities that require licensing under the GRMA.

Short Sale Fees

Agents must not charge a seller an upfront fee or a separate “short sale processing fee” for activities that require mortgage licensing unless the fee and activity are permitted under applicable law and properly performed by an appropriately licensed person or entity.

Agents should consult the Broker before charging any fee specifically related to processing or negotiating a short sale.

When in Doubt

Short sale transactions can involve complex legal and mortgage issues. Agents should not attempt to interpret or perform mortgage-related activities beyond the scope of their real estate license.

When an Agent is unsure whether a particular activity is permitted, the Agent should stop and consult the Broker before proceeding. When appropriate, the Broker may direct the Agent to the closing attorney, lender, mortgage professional, or other qualified professional.

CRIM Realty’s Short Sale Q&A / Short Sale Guidance is available through the Agent Resource Center and should be reviewed before handling a short sale transaction.

HUD Transactions

HUD-owned properties are subject to additional bidding, contract, earnest money, and closing requirements. Agents handling HUD transactions must follow the procedures outlined in the HUD Guide section.