Educating Sellers Questions Only

(ANSWERS will be revealed with subscription)

1 Should a brokerage rely on a system of distributing keys to buyers through one individual as a way to manage showings?

A.    Yes – having a single source for key distribution is 100% effective at preventing theft

B.     Yes – when the keys are distributed through one person, it makes record keeping easier

C.     No – having a single key distribution slows down the process

D.    No – keys can be lost, returned in an untimely fashion, or even copied

2 What is something that should be done in every room before listing pictures are taken?

A.    Wash the windows

B.     Hang many pictures of the happy family

C.     If the sellers have a cute pet, make sure they are in the picture

D.    Add pillows

3 Which of the following would be a sign of a sellers’ market?

A.    List to sale price ratio > 99%

B.     List to sale price ratio < 95% C.     List to sale price ratio > 75%

D.    List to sale price ratio < 90%

4 What should you tell your sellers about showing their home to potential buyers that knock on their door unannounced?

A.    Go ahead and show them the property

B.     Avoid showing the property because serious buyers would be working with an agent

C.     Invite them in for a cup of coffee and have them wait until you can get there so you can show them the home

D.    Tell them they should call the police immediately

5 Which of the following items are commonly disputed by buyers and sellers?

A.    Microwave

B.     Beds

C.     Dishes

D.    Curtains

6 What are good suggestions to protect real estate property and belongings in a vacant home that is listed for sale?

A.    Ask a neighbor to park a car in the driveway

B.     Have the post office hold or forward the mail

C.     Put a lamp on a timer so it looks like the home is occupied

D.    All of the answers shown are correct

7  In a case study covered in this chapter, what was stolen from an open house held in Highland Park, Illinois?

A.    Passports and social security cards

B.     Bank statements with images of cashed checks

C.     $162,000 worth of jewelry

D.    $78,000 worth of antiques

8 Getting a professional stager to work with your seller is:

A.    Too expensive

B.     Usually worthless

C.     A way to save both you and your seller time and money in the end

D.    Useful only in difficult to sell properties

9 When calculating months of inventory, what is considered a “Balanced Market?”

A.    Having 1 month of inventory on the market

B.     Having 12 months of inventory on the market

C.     Having 6 months of inventory on the market

D.    Having at least 100 properties for sale in the market

10 Which of the following items can “buyers see past” when looking at homes?

A.    Clutter

B.     Dirt

C.     Bad furniture placement

D.    None of these things

11. Which of the following documents should be compiled prior to meeting with a potential seller?

A.    A draft CMA

B.     The deed for the property

C.     Sellers’ net proceeds worksheet

D.    All of the answers listed are correct

12. When is it a good idea to use a lockbox?

A.    It is never a good idea to use a lockbox because it poses too much risk

B.     If the home is vacant and empty

C.     When the desire for convenient showings outweighs the risks

D.    When the buyers’ schedules are too busy to view the home with a licensed agent

13. When looking at months of inventory, what is considered a surplus?

A.    12 months of inventory

B.     6 months of inventory

C.     3 months of inventory

D.    1 month of inventory

14. Which of the following can be used as a guide to figure out if it is a “Sellers’ Market” or a “Buyers’ Market?”

A.    Months of Inventory

B.     Sale to List Price Ratio

C.     Average Days on Market

D.    All of the answers shown

15. What is the best way to keep a home secure?

A.    Using a Supra lockbox

B.     Having a sales team present when showing

C.     Having the seller write down the serial numbers of valuable items

D.    The brokerage holds a key for buyers’ agents

16. Getting a professional stager to work with your seller is:

A.    Too expensive

B.     Usually worthless

C.     A way to save both you and your seller time and money in the end

D.    Useful only in difficult to sell properties

17. Which of the following should be included in a listing presentation?

A.    The services you will and will not provide

B.     The going rate for commissions in the area

C.     The market commission rate set by the local Board of REALTORS®

D.    A suggested listing price that is 10% below market value

18. Which of the following is a common staging mistake?

A.    Light, earth-tone paint colors

B.     Too many items on kitchen counters

C.     Toilet lids are down

D.    Curtains are open to let in light

19. How do you calculate months of inventory?

A.    Total annual sales divided by number of active listings

B.     Take the number of sales in the last 12 months divided by 12, then divide the number of active listings by that number

C.     Annual sales divided by 12

D.    Multiply the number of active listings by 12

20. Vacant and empty homes that are for sale have what risks?

A.    There are no significant risks to sellers when their homes are empty

B.     Appliances or copper pipes may be stolen

C.     The home may take longer to sell because it is so easy to show

D.    Neighbors may try to buy the home

21. Which of the following is choice that a seller would make when entering into a listing agreement?

A.    Commission rate

B.     Whether or not to post documents with their names on the internet

C.     Length of the contract

D.    All of the answers listed are correct

22. How does a Supra lockbox provide home security for listings?

A.    It can be unlocked from a brokerage office

B.     It collects data on who enters a home and when

C.     It is equipped with a loud alarm if an unauthorized person tries to tamper with it

D.    All of the answers shown are correct

23.Which of the following is NOT a protected class according to the Fair Housing Act?

A.    Religion

B.     Disability

C.     National Origin

D.    Education

24. Which of the following was a suggested way to obtain buyer feedback from a showing?

A.    Follow the buyer during the showing, asking for feedback as they tour the property

B.     Ask the buyer for feedback as they are leaving the property

C.     Visit the buyer’s agent at their brokerage and ask for feedback

D.    Make it easy for the buyer’s agent to give feedback by using a simple form or feedback service

25. Which of the following services were suggested to use for getting buyer feedback?

A.    Feedback Monster

B.     LinkedIn Feedback

C.     Tweetback

D.    Showing Suite (Showing Time)

26. If a seller asks you to decline any showings to people from a certain country, what should you do?

A.    You must obey the wishes of your client

B.     You must decline the listing

C.     You must disclose that instruction in the disclosure form

D.    You may not follow that instruction because it is a violation of the law

27. What does a counteroffer do?

A.    It is a request to change some terms in a contract, if it is not acceptable, the initial offer is still binding

B.     It effectively rejects the original offer in favor of the counteroffer

C.     It alters the offer in a binding way

D.    It is not legally allowed to counter an offer

28. Which of the following were recommended days to host Broker’s Open Houses?

A.    Tuesdays and Thursdays

B.     Sundays and Mondays

C.     Friday and Saturday

D.    The 1st and 15th of the month

29. What is a major challenge when issuing selling agency incentives?

A.    Making sure agents know about it

B.     Offering the most money

C.     Making sure the incentive doesn’t get forgotten at closing

D.    Making sure the seller doesn’t know about the incentive

30. Which of the following is a risk of having an open house?

A.    More offers than the seller can handle

B.     Theft and loss of privacy

C.     Violation of zoning ordinances

D.    Buyer complaints of too much competition

31. What is recommended if you receive a low-ball offer on one of your listings?

A.    Save your sellers the frustration and don’t present the offer

B.     Warn your sellers ahead of time that low offers may come in and they can accept them, reject them, or counter them

C.     Let your sellers know about the offer, but insist they reject it

D.    Tell the buyer’s agent to stop wasting your time

32. When would a seller ever reject all offers in a multiple offer situation?

A.    If all the offers were unfavorable and the property was very recently listed

B.     Anytime because buyers usually come back with better offers when their offer is rejected

C.     This is a standard practice because for every rejected offer, 2 more are submitted

D.    It is never a good idea to reject all the offers in a multiple offer situation

33. Which of the following were suggested ways to encourage attendance to a Broker’s Open House?

A.    Offer a light lunch

B.     Raffle a gift card, gas card, or sports tickets

C.     Get together with agents that have listings in the neighborhoods and have a joint open house

D.    All of the answers listed are correct

34. Which of the following is a reasonable strategy when a seller has received multiple offers on their home?

A.    Start a bidding war

B.     Accept the best offer

C.     Ask all buyers for their highest and best offer

D.    All of the answers may be reasonable in the right market

35. What was suggested to reduce your seller’s risk in a multiple offer situation?

A.    Only accept offers from verified buyers

B.     Skip the earnest money deposits

C.     Ask the buyer’s agent to post a bond for their buyers

D.    Ask for backup offers

36. Which of the following Acts established race as a protected class?

A.    Civil Rights Act of 1866

B.     Civil Rights Act of 1968

C.     Housing and Community Development Act of 1974

D.    Fair Housing Amendment Act of 1988

37. If multiple offers are received on your listing, how can you help your seller to decide which offer is best?

A.    Look at the offer prices to determine which offer is best

B.     Ask the buyers to provide their credit reports

C.     Do a thorough background check on the buyers

D.    Consider the price, terms, closing dates, and concessions

38. What was a way to maximize the feedback from a Broker’s Open House?

A.    Play the fishbowl game

B.     Offer agents that show up a discounted price on the home

C.     Provide agents that show up with an agent bonus if they bring in a buyer

D.    Offer to host an open house for any agent that shows up

39. If a buyer gives a verbal offer to purchase a property, is that binding?

A.    Yes – a verbal offer is binding and enforceable

B.     Yes – if the seller is able to get an audio or video recording of the verbal offer

C.     No – offers must be in writing to be binding and enforceable

D.    No – no offer is binding until closing

40. What is the phrase used in a multiple offer situation when the seller wants the buyers to submit their top offer?

A.    Easiest and fastest

B.     Highest and best

C.     Top and most

D.    Upper limit

41. When is a selling agency incentive recommended?

A.    When there is high inventory

B.     When the price is too high

C.     When the home has many defects

D.    When the listing agent feels like it

42. This course suggested the use of a home tour. What is that?

A.    A video tour of the property

B.     A tour guided by a design expert

C.     A coordinated agent tour of listings in an area

D.    A self-guided tour for buyers

43. When responding to feedback, what was recommended?

A.    Make sure to defend the home firmly

B.     Make sure the buyer’s agent knows how wrong they are

C.     Be thankful and polite

D.    Give the buyer some feedback too

44. Fair housing laws are:

A.    Only federal

B.     Only state

C.     Both federal and state

D.    There are no federal or state fair housing laws

45. This chapter recommended what type of negotiation style?

A.    Bullying

B.     Uninterested noncommunication

C.     Diligent professionals who are friendly, but firm

D.    Stressful and dramatic

46. Which activities should be complete before the buyer conducts their final walkthrough?

A.    The seller should be moved out

B.     The property should be broom clean

C.     The seller should remove all trash

D.    All of the answers listed are correct

47. What is one key way that the seller’s agent has an advantage over the buyer’s agent?

A.    The seller’s agent knows how much the buyers are willing to pay

B.     The buyer’s agent doesn’t know their clients as well as the seller’s agent does

C.     The seller’s agent requires more training than the buyer’s agent

D.    The seller’s agent gets to meet both parties to the transaction

48. How long after the completion of business can you call a past client if their name appears on the Do Not Call List?

A.    Immediately after the conclusion of business

B.     30 days

C.     18 months

D.    The Do Not Call List does not apply to you if you did business with the person

49. What is a major risk the seller faces if they rent the property back from the buyers after closing?

A.    They may have a hard time having a legitimate lease signed

B.     They may need to repair items long after they move out

C.     They may have to deal with a hostile landlord who does not want to give their security deposit back

D.    The buyers may rescind the purchase and ask for a refund of the purchase price

50. Who should calculate the payoff balance on the seller’s mortgage loan?

A.    The seller’s agent

B.     The closing agent

C.     The lender

D.    The buyer’s agent

51. If a buyer has a home inspection that turn up undisclosed issues, which of the following can they do?

A.    They can proceed with the transaction without any changes

B.     They can request that the seller repair items

C.     They can request cash back at closing to address the concerns

D.    All of the options listed are correct

52. What is a major risk the seller faces when renting to the buyer before closing?

A.    The sales price may go down if the property is occupied

B.     The seller is responsible for any damage that may occur to the property while they own it

C.     The sellers may not be able to have any security deposits refunded

D.    The buyers may want to close sooner than anticipated

53. If a seller is trying to close on a home purchase the same day as their home sale, when must the sale conclude in order to wire transfer money for the purchase?

A.    Before 9am

B.     Before 2pm

C.     Before 5pm

D.    Anytime that day

54. Which is a stronger financial verification that a buyer can supply a seller?

A.    A pre-qualification letter

B.     A pre-approval letter

C.     A verbal assurance from a lender

D.    A debt to income ratio worksheet

55. Why do sellers hire real estate agents when they can sell their home themselves?

A.    Most sellers do not hire real estate agents

B.     Because sellers are lazy

C.     Because agents are good at marketing, screening, paperwork, buffering, and keeping on track

D.    Because sellers are required to use the services of real estate licensees

56. What key components are necessary to know your client’s bargaining position?

A.    The aggressiveness of the buyer’s agent and how loudly they can argue

B.     The number of requests from the buyers vs. the number of requests from the sellers

C.     The total number of properties for sale on the market and the number of lenders available to originate loans

D.    General market conditions, how the listing places in the market, and knowing how motivated the buyers are

57. What is screening?

A.    Replacing or installing mesh in doors and windows

B.     Filtering out contaminants in water systems

C.     Making sure a buyer is serious and ready to purchase a home

D.    Removing large rocks from soil

58. When dealing with demanding buyers and buyers’ agents, how should we treat our seller clients?

A.    Use them as a place to vent your frustration in the transaction

B.     Be the buffer. Inform you seller of all pertinent facts, but leave out the drama

C.     Tell your seller to reject anything but a full-price, no contingency offer

D.    Reject any requests on your seller’s behalf

59. Which of the following circumstances would put your seller in the dominant bargaining position in a buyers’ market?

A.    The home is in a much better physical condition than the average home on the market

B.     The home is poorly staged

C.     The home has a poor floorplan

D.    The home needs major repairs

60. Which agency manages the Do Not Call Registry?

A.    The Federal Trade Commission

B.     The Federal Reserve Bank

C.     The Federal Emergency Management Agency

D.    The Fannie Mae

61. According to Zillow, what percentage of sellers try to sell their homes themselves?

A.    0.05

B.     0.36

C.     0.75

D.    0.9

62. This chapter used the term “buffer” to mean what?

A.    Something to polish windows and mirrors

B.     A person who smooths things over to help reduce the stress of negotiations

C.     A person who pays off service providers to provide a higher level of service

D.    Someone who reads and copy edits contracts

63. Which tax benefits go to the seller after a real estate transaction?

A.    Real estate commissions

B.     Escrow fees

C.     Home improvement expenses made within 90 days of closing

D.    All of the answers listed are correct

64. Which of the following is an issue that may come up if the buyer requests cash back at closing?

A.    The buyer’s agent may refuse because it negatively affects their commission

B.     The seller may not have the cash handy and will have to wait for the proceeds from the sale to clear their bank

C.     The lender may put limits on the amount and purpose of the cash back

D.    Many brokers prohibit cash back at closing

65. What does the seller do at closing?

A.    Signs the deed, affidavits, and hands over keys

B.     Nothing

C.     They file the new deed with the Registry of Deeds

D.    They provide the buyers with an allowance for furnishings

You answered incorrectly

The sellers usually do far less than the buyers, but they must sign some documents and hand over the keys.

66. What is a gift letter?

A.    A letter signed by the buyers stating they understand any personal property is a gift, and not part of the sale

B.     A letter signed by a person who gave a financial gift to a buyer that states the money was a gift and not a loan

C.     A letter signed by a real estate client stating that the gift was not an inducement to do business with the agent

D.    A letter signed by the lender, indicating the mortgage loan is a loan and not a gift

67. Which fiduciary duty allows the sellers to know if the buyers have made all of the contracted deposits?

A.    Care

B.     Confidentiality

C.     Obedience

D.    Accounting

68. Who is primarily responsible for making sure the buyers are on track to close on time?

A.    The buyers and their agent

B.     The sellers

C.     The seller’s agent

D.    The lender

69. What are three things that your seller must give permission for you to disclose?

A.    The reason they are selling, the existence of multiple offers, and if they are willing to come down in price

B.     If there are superfund sites, registered sex offenders, or drug activities in the neighborhood

C.     If there are any mechanical, structural, or zoning issues with the property

D.    The assessed value, tax rate, and deed restrictions for the property

70. When is a buyer incentive recommended?

A.    When inventory is low

B.     When the home receives multiple offers

C.     When the home needs repairs or updates

D.    When the listing is new and receiving a lot of attention

71. Which of the following circumstances would put a seller in a dominant bargaining position?

A.    Being in a “buyers’ market”

B.     Having a desirable architectural style

C.     The home needs cosmetic upgrades

D.    The home does not have enough bathrooms

72. Which of the following buyer’s paperwork does the seller have the right to see?

A.    The pre-approval or commitment letter from the lender

B.     The buyer’s credit report

C.     The buyer’s full bank statements

D.    The buyer’s employment verification

73. Which of the following should be included in your listing presentation?

A.    Your resume

B.     A copy of your criminal background check

C.     A copy of your broker’s operating license

D.    A listing presentation packet with market information

74. What should be taken into consideration when setting a commission rate?

A.    The going rate of commission in the area

B.     The most common commission rate in the area

C.     What services you will and won’t supply

D.    The rate set by the local board of REALTORS®

75. What information should you have ready prior to meeting with a potential seller client?

A.    A draft comparative market analysis (CMA)

B.     A copy of the homeowner’s insurance policy

C.     A flood certificate for the property

D.    An abstract of title for the property

76. Which of the following would indicate a Sellers’ Market?

A.    More than 6 months of inventory on the market

B.     Sale-to-list ratio of less than 95%

C.     Average days on market of greater than 60 days

D.    Sale-to-list ratio of greater than 99%

77. How is sale-to-list ratio calculated?

A.    Sale price – list price

B.     Sale price / list price

C.     List price – sale price

D.    List price / sale price

78. When does a listing get the most traffic?

A.    After the first significant price drop

B.     Tuesday afternoons

C.     Within the first two weeks after listing

D.    About one month after listing

79. Where can an agent obtain a standard listing agreement form?

A.    From their Association of REALTORS®

B.     From their brokerage

C.     From an attorney

D.    All of the answers listed are correct

80. Which of the following requires seller permission to disclose?

A.    If the seller is willing to come down in price

B.     A leaking roof

C.     If the septic system has failed

D.    The number of bedrooms in the home

81. Which of the following is an item that buyers often assume will stay with the home, but the sellers assume they will be taking?

A.    The television

B.     The refrigerator

C.     The living room couch

D.    The kitchen table

82. Which of the following is the best way to keep a home secure?

A.    Keep the key in a Supra lockbox onsite

B.     Keep the key in a combination lockbox onsite

C.     Make the key available for buyers’ agents to pick up from the listing brokerage office

D.    Have the listing agent attend showings

—– summary —

Educating Sellers: From Listing Presentation to Closing

Summary of Chapter 1

Fixture: is an item that is permanently affixed to a building.

Listing Presentation: is an opportunity to convey that you are a professional who is well prepared and that you will expertly guide the seller through the often confusing and stressful transaction. It should include your personal philosophy, a description of services, a property tour, a listing packet, references, and commission information.

Listing Presentation Packet: includes vital market information to help your seller settle on a listing price.

Staging: is the way a home is presented, including the colors, the light, the furniture placement, and the cleanliness.

Chapter Review:
In your listing presentation, you provided your seller with a lot of information. You gave them a professional listing packet with information on their home and the market. You let them know what you thought their home was worth and why you think the home should not be overpriced. With the packet and objective market analysis, you will provide these potential seller clients with more in-depth information than your competition.

There are so many decisions that must be made when signing a listing agreement. How long should the contract last? Should there be a sign on the property? What information should be available in the MLS? What can be disclosed? Which items are included in the sale? Should showings be assisted or should keys be available in a lock box or given out by the brokerage? In all these cases, you, as the agent, advise and the client decides. Educated sellers can make the best decisions for themselves.

Homebuying is an emotional decision. We have all worked with buyers who say they can look past clutter and bad decor, but the fact is that most buyers can’t. Good staging may be the single most important part of getting a home ready for sale. They key is to make the home look spacious, clean, and inviting. With a few simple tweaks, your sellers can maximize the marketability of their home and sell

it faster and for more money. Any seller who thinks  staging  1s  unimportant  1s leaving money on the table!

Putting a home on the market exposes your sellers to some risk. You can help them minimize this risk with a few simple suggestions. They can secure their valuables, make their vacant property look occupied, and protect themselves  by not letting strangers into their home.

Some of your sellers’ items that should be secured are obvious, like jewelry and small electronics. Others are less obvious, like prescription drugs and bank statements with images of cashed checks which show account numbers and routing numbers. There is also a market for stolen designer handbags and briefcases.

With unoccupied, empty homes, there is no need to advise your sellers to secure belongings. Nevertheless, vacant homes are subject to theft, fraud, and squatters. With the popularity of online classified ads, there are new fraud issues.

As a seller’s agent, it is your job to educate sellers about listing agreements, and how to improve the marketability of a property. While the property is  on  the market, the sellers should be made aware of safety concerns and how they can keep themselves and their property safe.

Summary of Chapter 2

Civil Rights Act of 1866: prohibits discrimination against race with no exceptions. It states, “All citizens of the United States shall have the  same right in every state and territory as is enjoyed by white citizens thereof to inherit, purchase, lease, sell, hold, and convey real and personal property.”

Discrimination: means treating others differently, based on certain characteristics.

Fair Housing Act: makes it illegal to discriminate in the sale, rental, or financing of housing based on sex, race, color, familial status, physical or mental disability, religion, and national origin.

Fair Housing Amendment Act of 1988: added disability and family status to the protected classes.

Housing and Community Development Act of 1974: prohibits discrimination in housing based on gender.

Housing for Older Persons Act: allows for developments to discriminate based on age if they are designed for older persons.

Rubric: is a simple way to break out important parts of something that is being evaluated.

Title VIII of the Civil Rights Act of 1968: prohibits discrimination in housing based on race, color, religion, and national origin.

Chapter Review:
Fair housing is the law in the United States. It is unlawful for real estate licensees to discriminate against anyone based on their sex, race, color, familial status, physical or mental disability, religion, or national origin. While we have to obey the lawful directions of our clients, discrimination is not lawful.

We should talk to our sellers about the pros and cons of having open houses and the  best time to  have them. Open houses may be  a  great tool to get feedback  on a property and its price. Open houses may also pose some risk of  theft  and loss of privacy.

If you have a listing that has been on the market for a long time without receiving any reasonable offers, consider adding some incentives. These incentives include selling agency incentives, buyer incentives, or price improvements.

Help your sellers understand the underlying reason why their property hasn’t sold so they can choose the best course of action. Whichever incentive you choose, get the word out with email and social media.

The seller should be very concerned with a few things when it  comes to  delivering offers. First, timing is vital. Next, as the agent, you have to deliver all offers, even the insulting or annoying ones. Finally, sellers should understand anything stated verbally is meaningless.

When delivering offers and counteroffers, let your sellers know that they may receive some offers that look bad, but they can sometimes be salvaged into a good sale. Next, weigh the implications of how long it takes your seller to respond. It is vitally important to understand that nothing is binding or enforceable unless it is in writing.

When negotiating multiple offers, sellers need to know how to evaluate the different offers based on their terms and conditions. They should be aware of  the risks involved with disclosing multiple offers to the buyers as well. Finally, you should ensure that your sellers understand the different strategies to deal with the multiple offers and which ones are riskier than others.

Educating Sellers: From Listing Presentation to Closing

Summary of Chapter 3

Broom clean: means the home is free of personal property and trash.

CAN-SPAM Act: is enforced by the Federal Trade Commission and regulates commercial emails.

Consumer Financial Protection Bureau: is the federal agency that protects consumers from unfair banking and lending practices.

Flood Certificate: is the  official way a lender  or insurer  knows if  a property  is in   a flood zone or not.

Liquid Funds: can be bought or sold in the market quickly without losing value.

Pre-Qualification: involves a lender looking at your qualifications (income, assets, reported debt, etc.). The lender does not make a commitment, and a pre-qualification is not as strong as pre-approval. The lender generally doesn’t pull a credit report or submit an application to an underwriter to pre-qualify a consumer.

Pre-Approval: is a more involved process. When a buyer is pre-approved, the lender has pulled a credit report, and a loan underwriter  has conditionally approved  the  loan  application.  Much like pre-qualification, a pre-approval  is not a guarantee for lending, but it is further down the path to a successful mortgage loan.

Chapter Review:
Negotiating an offer is definitely an art form. A little data can help, such as knowing the general market conditions. Knowing how your listing places in the market is also of vital importance, as is being able to read the buyers and how motivated and reasonable they are.

Once a property is under contract, most of the work is normally done by the buyer. The seller may have some work to do as well. Prepare your sellers ahead of time by letting them know to request a commitment letter from the lender or proof of funds from cash buyers. Prepare them for the home inspection and

make sure they keep receipts if repairs are done. Finally, let them know that the property will be researched, and some  legal  work may need to  be done at the last minute.

The terms of the contract can be challenging  to  complete. There are risks involved with some, such as renting the property instead of  changing possession at closing. Your sellers should be aware of their net proceeds, and what it means for a property to be broom clean.

It is your job to keep your seller  informed about the progress  of a transaction. Most of the  work  at this point is done by the  buyers, but  we need to  check in with their agent. Your sellers will probably  want  to  know that the buyers  are doing what they need to do to close the transaction, that their financing is being processed smoothly, and that all deposits are being made.

A big challenge faced by many sellers is to line up closings on the property they are selling and the next property that they are buying. Your seller must make sure their lender has all the information and documentation necessary for both transactions to close. Make sure your seller knows that you are not an expert in every aspect of a real estate transaction, and they should get information straight from the source.

The closing itself may occur at the brokerage of either the buyer’s or seller’s agent, a bank, an attorney’s office, the Registry of Deeds, a title company, an escrow service, or a courthouse. The closing can take place anywhere that is mutually agreeable to all parties. I have found that the title company is a convenient location because they have the resources if any paperwork needs to be changed or copies made at the last minute.

You are probably aware of the potential tax advantages homeowners have when buying or selling a home. Many of these are detailed on the Closing Disclosure. Your seller may need the Closing Disclosure as part of a tax record.

Your relationship with your client can end at the closing table, or you can continue to be of service. Keeping in touch with your seller can help them feel comfortable reaching out to you if they have further questions, want to use you again, or want to refer you to one of their friends. We do need to be careful to avoid unwanted contact; for example, when your client does not like solicitors. It is a good idea to check the Do Not Call Registry if you want to call any past clients.