Milestone 00: Listing (applicable only in listing side)

Agent to send listing documents to audit@re-buffet.com and cc support@re-buffet.com to kick off office process

Email subject: "LISTING Full_Address_to_be_replaced - MLSxxx"
(Email subject example: "LISTING 12404 xxth Ave NE Kirkland - MLS1624xx5)"

Checklist:
- Legal Description (Exhibit A)
- Form1A Listing Agreement
- Form1 Listing Input Sheet
*- Form22E FIRPTA Certification (mandatory)
*- Form17 Seller Disclosure
*- Form22J Lead Based Paint Disclosure (built before 1978)
- Form22K Utilities
- Form7B Seller Info Undisclosed (in case seller does not want to disclosure contact information)
- Form22S Septic Addendum (in case of private septic instead of public sewer)
- Form22R 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. (Form22E 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@re-buffet.com and cc support@re-buffet.com to kick off office process

Email subject: "MUTUAL Full_Address_to_be_replaced - MLSxxx"
(Email subject example: "MUTUAL 12404 xxth Ave NE Kirkland - MLS1624xx5)"
Notes:

1. DOL mandate agents to submit PSA within 2 Business Days after mutual
This is a checkpoint where many agents failed.

2. DOL mandate to have Agency & Commission Disclosure.
DOL 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 (Form42 to download) (Form41 to download)
- 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 RE Buffet®)

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 use NWMLS Transaction Desk to fill Form40(Commission Disbursement) and add Fan Ten with email support@re-buffet.com as signer. Example of Buyer Agent Form40, Example of Listing Agent Form40

The company receives the e-sign requirement, reviews the form and signs it through NWMLS Transaction Desk. (Download how-to manual)

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

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

Email subject: "FORM40 Full_Address_to_be_replaced - MLSxxx"
(Email subject example: "FORM40 12404 xxth Ave NE Kirkland - MLS1624xx5)"

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

Email subject: "RECORD Full_Address_to_be_replaced - MLSxxx"
(Email subject example: "RECORD 12404 xxth Ave NE Kirkland - MLS1624xx5)"

Email content example
1. Listing detail PDF file (download from NWMLS)(example)
2. Earnest Money Receipt PDF file (sent from Escrow)(example)
3. Final Settlement Statement (sent from Escrow)(example)
4. Mutual accepted contract PDF file(example)
5. Agency Disclosure (Form42 or other dual, principal forms)
6. Competing offer in case escalation clause is triggered in multiple offers scenario
7. Form40 Commission Disburse Form
8. Form22E (Tax Withhold FIRPTA Certification)
9. Condor resale certificate (needed only for condor/apartment)
10. Form 22J Lead-Based Paint and Hazards Disclosure (needed only for property built before 1978)

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