Daily Task - Tracking Overdue Tasks

The Century 21 Redwood Realty processing department is responsible for tracking overdue and upcoming tasks within all offices that fall under the processing umbrella (i.e., escrows, ICRA, closing docs etc.). The tasks tab provides daily reminders to allow us to continue to follow up on overdue and upcoming tasks. Below are the steps you need to take for overdue tasks:

1.  Log into Paperless Pipeline
2. Go to the Tasks Tab on the top of the screen. A list of overdue tasks within all Redwood offices will appear, go through each and take the appreciate steps needed

Overdue Escrows: If Redwood is holding the escrow (confirmed on the sales contract) and the escrow has not been received by the office ASM, email the agent, Broker and principal broker.

• If the contract clause (pg. 1) shows “has been delivered”-  the due date is the date of ratification (last pg of contract)
• If the contract clause (pg. 1) says “# of days” will be delivered, it is due on that #of days post ratification date
• If the clause is left blank, it is due within the timeframe of the state laws and regulations:
  • VA: EMD must be delivered to office within 3 days of ratification date
  • MD: EMD must be delivered to office within 5 days of ratification date
  • DC: EMD must be delivered to office within 3 days of ratification date
  • WV: EMD must be delivered to office following day after the ratification date (Escrow must be deposited at PNC Bank)
  • PA: Redwood has NOT hold PA escrows (Title Company should hold escrow)

Overdue ICRA: Email agent asking if the seller’s and buyer’s have come to an agreement and request a copy of the signed ICRA once available

Overdue ALTA: Confirm the property has closed in Bright or if funds have been received. If so, request a copy of the ALTA from the Title Company, except for files handled by the Transaction Coordinator (TC). In cases where a TC is managing the transaction, the ALTA should be requested directly from the TC, unless the TC is unresponsive, in which case we may then reach out to the Title Company. We may refer to the Title Company Directory tab of the Processing/Commission Sheet for contact information of frequently used Title Company.

Send pre-close reminder: A pre-close reminder should be sent to the agent if there is missing paperwork. It should be sent 5 days prior to closing to give the agent ample time to complete all required documents. If there is no missing paperwork, this task can be checked off.

Overdue/Upcoming Escrow Overage Tasks: If there is an escrow overage, we must obtain copies of the title companies wire instructions and preliminary ALTA prior to wiring the funds. It is best practice to obtain copies of the wire instructions and preliminary ALTA a few days before the settlement date to ensure all documentation is received on a timely manner, if it has not been received 1-2 before closing, send a reminder email the agent and ASM.

Walk Through Inspections Forms: Send agent an email confirming if a final Walk Through Form was completed and request a copy for our records. If the agent confirmed that the buyer waived the final walk through, then the item can be removed from the checklist