We often tell clients that we are only halfway there when the deal is made. Getting from contract to close is a treacherous trip and you will need all the help you can muster to get to your destination.
Super agents know this and they respect the process and they close most of their transactions. We didn't say all their transactions because the truth is not all transactions close. There are just too many variables involved, too many people, and too many things that can go wrong. But just as the super agent makes more deals by virtue of not killing them, a super agent closes more transactions by staying connected to the process and their client.
Each state has its own laws and rules about contract to close. Some jurisdictions require the services of an attorney while others do not. Some states separate the seller of title insurance from the escrow officer while others do not. Some states dictate a judicial-foreclosure process while others allow a trustee-sale process. For our purposes we will concentrate only on your role in representing the client through the escrow process as it is commonly defined and executed. Check your state laws for specifics.
The first thing to do after making a deal is for the buyer's agent to open escrow. The function of escrow is to have an independent third party gather all parties' documents and monies together and, when ready, record the transfer of ownership in the property and disburse funds. The parties include but are ...