What is Collaborative Closing?

The term collaborative closing is used to indicate that now both listing agents and buyer agents will participate in contributing information following a successful transaction.

The most common requests for listing changes after a closing are Buyer Agent and Co-Buyer Agent ID, Sold Price, Listing Address, Listing Status, and List Agent and Co-List Agent. By introducing a collaborative process of checks and balances between parties, the accuracy and timeliness of listing data will improve.

Listing agents (or their office staff) will continue to enter much of the information they are currently responsible for entering as reported on the closing statement. However, once the listing agent (or office staff) completes their side of the closing process, an alert will be sent to the buyer agent and office to contribute information they are most knowledgeable of.

When a listing is marked Pending, the new field for Buyer Representation Yes/No will be added, but the rest of this page will remain the same. The Yes/No selection will act as the control for other fields. The Buyer Agent will determine who receives the communications about action to be taken when the listing is closed.

When a listing is changed to Sold or Leased, the rest of the field changes will be exposed. Here you’ll see the new fields for Seller Concessions Yes/No, the revised labels for Seller Concessions Amount excluding agent compensation, and a new step for the office to certify accuracy. The date on this submission will control requirements for the buyer agent/office.

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When the listing agent completes the closing process, an email will be sent to the buyer agent and co-buyer agent, if applicable. A bulletin alert will appear on the home screen in connectBLC to the same participants, as well as to anyone in the brokerage who has access to edit listings, for example your office admins.

 

The Buyer's Agent will then access the Buyer Representation Close Data from the Listings menu to update this information.

The buyer agent or their office staff will be responsible for entering the Buyer Financing, Buyer Agency Compensation Paid By (Seller or Broker, Buyer, Both, or None), and will have the opportunity to change the Buyer Agent and Buyer Co-Agent ID if needed. If an error is noticed, they will have the ability to notify the Listing Agent that corrections are needed.

This step will need to be completed within 2 days from the date the listing agent submitted the listing as closed.

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