Contracts
All right, standards of practice contract. Yes, this is just something small, but on our contracts, we’re going to pull up the contract right now. OK, but in you know, when we’re listing in number five of the of the contract, it lists the earnest money and the title company. And when we list the title company, we typically want it to go to a specific closer. And that is becoming somewhat of an issue so that I’ve heard about not really a big issue, but I made a decision. I think it’s a good standard of practice to not put the closing agent in there, because if they leave the title company, you know, they’re not a party to the contract that the escrow company is there an employee. OK, so we do not want to put the agent’s name.
You know, if you use a specific person at Republic or independents, you know, you when you get that contract executed, you will email it to that person so they know that you want them working on it. And if you’ve established that relationship, then you know that as well. Or if you haven’t, then, you know, if you know that it’s supposed to go to a specific agent, then just put that agent, make sure when you send the title company, that contract that you list that agent that you want that agent to be your closer and then it should be fine. But if you scroll back down on car in number five, spot number five, there’s two spots, as you know, to put the title company in there. So just make sure you list the escrow company title company only.
Let me let me help you out here. I’m going to take the wheel like. Yeah, we will. So we’re at number five. Yeah. Right in here. So that’s going to be on page of the contract. That doesn’t like whole pages, page on page one. All right. So at the bottom of page one, Earnest Money and the title company name only.
So I made that change in our template. And just a reminder says title company only. So just make sure you leave the escrow agent or your closers name off the contract and that’ll avoid any issues that could come up.
Very good. So that link was traded in. So you guys can see that. And that’s again right below the like button. Yeah. Shawna, thanks for giving us that update. That’s not an update that is related to like everybody out there. That’s just a company specific one best practice that we’re really reaffirming. Yeah, OK.
Because we did like to avoid anything that could complicate a deal. Right. And or cause any type of legal issues down the road. So we made a decision to make that change.
Very good. I appreciate that. Is there a need to go back and you don’t want to amend any contract that are out there? Just this is going from here from here forward. Perfect. All right. And Shana also wants to Stacey will also check that comes in.
We do have a question from Rachel Wester, who writes, If a co-op agent puts an escrow officer in there, I would I would tell them up front, you know, that that’s really what we want to do. And you can educate them as to why, you know, and if whatever reason it ends up in there, don’t worry about it. It’s not something like you said. You want to go back and amend, but have that conversation up front and say, hey, we prefer, you know, it’s fine to use KDDI, but we want to leave her name off of that because she is an employee. Technically, she’s not a party to the contract. And if that person were to ever leave, it could complicate things. So, yeah.
It’s a very, very good point because we definitely don’t need any challenges. We’re here to try to keep things simple. Yes. All right. Very good. People do change business. Thanks for the question, Rachel. I would say on average title company do title. People do move from place to place to and you know, you’re going to over a period of time, you will get stuck in that situation. Yeah. So it’s best to kind of avoid it and not over complicate it for yourself.
And if something’s going awry with that, you know, somebody else could step in to the contract and help and take over. So just best practice, I think, is to leave it off. So we’re going to do it. And Stacey also in from Roanoke, Texas, with a question. Yeah, we want to not put the name in MLS anymore.
That’s a good question. That’s our intention, is what we’re doing. Yeah, I yeah, I don’t think you need to put it in there, but when we execute the contract, we’re going to know who we’re sending it to. I mean, I don’t see a need to put it in there. But let’s think about that, Stacey, throughout the day. And you let me know what you think, because just because you have it in there doesn’t mean that most people would take that and put it into the contract. Yeah. And then we’re going to have to, like, kind of go over it again and we’ll run into the question with Rachel now that Rachel was. So I’m glad you guys both ask those questions. Thank you, guys.
