What is the Timeline for Completing the Collaborative Closing Steps?
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On July 1, we implemented Collaborative Closing, the new closing process in the BLC® that allows both the listing and buyer’s agents the ability to input and verify the data in the listing that is relevant to them respectively when reporting a closed transaction. To make this as simple as possible, we have created a timeline so you can better understand the expectations of this new process. Please read through the Collaborative Closing steps to ensure you are meeting the required due dates to maintain BLC® compliance.
Collaborative Closing Process
Step 1: Submission Listing Agent must update status and complete closing sales data within two business days of the closing date.
Step 2: Verification The Buyer’s Agent and CoAgent will receive an email alert and bulletin in the BLC®. A bulletin alert will also be presented to office administrators and managing brokers with access to publish listings on behalf of agents within their office, and will be able to make the necessary updates. Buyer’s Agent (or office admin) must input and verify closing data relevant to them within two business days of the Listing Agent’s submission.
Step 3: Corrections If all information is correct, both the listing agent and buyer’s agent are done with this closing.
If corrections were requested by the buyer’s agent, the listing agent will be notified through email and will have two business days to make the requested corrections.
Step 4: Completion Once corrections are made by the listing agent, the buyer’s agent will be notified through email and will need to certify corrections are complete. |
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