Forms Guide
For Transaction Coordinators who prepare and track deal documents. After this page you will know what each common form is for, when you use it, who must sign it, and the mistakes that make a form useless.
Track: Transaction Coordination · Role: Transaction Coordinator · Time to complete: 25 min
Before you use any form
- Use the client's approved version. Each client keeps a forms folder, prepared or approved by their attorney. Never download a form from the internet, and never write legal wording yourself.
- Some states publish standard forms. In several states the real estate commission or a local agent association publishes standard contracts, counteroffers, cancellation notices and releases. Licensed agents in those states usually must use them. When a Retail Partnership file involves agents, expect these forms. Oklahoma is one example of a state with commission forms for counteroffers, cancellation and release.
- A form is only as good as its blanks. Every form refers to the original contract (date, property, parties). Copy those details from the signed contract, not from notes.
- Deadlines on forms are real. Counteroffers expire. Cancellation notices must arrive before a contract deadline. A perfect form sent late does nothing.
- Nothing is final until everyone has signed. A form signed by only one side is an offer or a notice, not an agreement.
You prepare forms only on the client's instruction, with the client's approved terms. You never decide what a form says, and you never sign one for anyone.
Forms at a glance
| Form | What it does | Who signs | Agreement or notice? |
|---|---|---|---|
| Addendum | Changes or adds terms to a signed contract | All buyers and all sellers | Agreement |
| Seller's counteroffer | Seller answers an offer with changes | Seller first, then buyer to accept | Agreement once accepted |
| Buyer's counteroffer to seller's counteroffer | Buyer answers the seller's counter with more changes | Buyer first, then seller to accept | Agreement once accepted |
| Extension of contract | Moves the closing date (and possession date) | All buyers and all sellers | Agreement |
| Notice of cancellation | One party ends the contract for a reason the contract allows | The cancelling party (both, for a conditional extension) | Notice |
| Release of contract and earnest money | Both parties end the contract and tell the holder where the deposit goes | All buyers, all sellers, and brokers where involved | Agreement |
| Assignment of contract | Transfers the buyer's rights to an end buyer | Assignor and assignee (seller consent only if the contract requires it) | Agreement |
| Memorandum of contract | Puts a public notice on record that a contract exists | Usually the buyer, sometimes both; notarized | Recorded notice |
| Release of memorandum | Removes the memorandum from the record | The party who recorded it; notarized | Recorded notice |
| State wholesaler disclosure | Tells the seller about the wholesale nature of the deal | Seller and buyer, as the state requires | Required disclosure |
Addendum
What it is for: Changing or adding to a contract after it is signed. The addendum names the original contract and lists only the changes. Everything else stays the same.
When the TC uses it:
- Price change approved by the client after inspections
- Who pays a closing cost changes
- Adding or correcting a party (for example, adding a spouse who was missed)
- Adding personal property (appliances, a shed) or excluding it
- Repairs the seller agrees to make, or a credit instead of repairs
- Possession terms (seller stays a few days after closing)
- Any term title asks to be clarified
Who signs: Every person who signed the original contract, on both sides.
TC checklist
- Original contract date, property address and party names copied exactly
- Each change numbered and written clearly, referencing the contract paragraph it changes
- Client approved the exact wording in writing
- Fully signed and dated by all parties
- Sent to title the same day, and the tracker updated (new price, new date, new cost split)
Common mistakes: Two addenda that contradict each other with no dates. An addendum signed by the client but not the seller. Forgetting to update title and the tracker.
Seller's counteroffer
What it is for: When a seller receives an offer but wants different terms, they answer with a counteroffer. It lists the changes and sets a time when the counteroffer expires.
When the TC uses it: Mostly in Retail Partnership files when a retail buyer's agent sends an offer. The client and the seller decide the terms. You prepare or track the paperwork and the expiry time.
Who signs: The seller signs to make the counteroffer. The buyer signs to accept it. Some standard forms also let the buyer initial to reject it or to say they are countering back.
TC checklist
- Expiry date and time logged on the tracker, with the time zone
- Every changed term references the right paragraph of the original offer
- Delivered to the buyer's side with confirmation of receipt
- Accepted copy (signed by the buyer before expiry) received and sent to title
Common mistakes: Letting it expire while waiting for a signature. Treating a verbal "yes" as acceptance; acceptance must be in writing.
Buyer's counteroffer to seller's counteroffer
What it is for: The buyer accepts most of the seller's counteroffer but wants more changes. It is a new offer back to the seller, with its own expiry time. Where the forms conflict, the latest counteroffer controls.
When the TC uses it: Same situations as the seller's counteroffer, one round later.
Who signs: The buyer signs to make it. The seller signs to accept it.
TC checklist
- Keep a simple version history in the CRM: offer, seller counter, buyer counter, final accepted terms
- Make sure title receives every signed page, so they can see the full chain
- Update the tracker with the final terms only after the last acceptance is signed
Extension of contract
What it is for: Changing the closing date (and often the possession date) because the deal needs more time. All other terms stay the same unless the extension says otherwise.
When the TC uses it:
- Title curative work will not finish in time (probate, heirs, liens)
- A lender or appraisal is delayed
- The end buyer needs more days and the client approves
- The seller needs more time to move out
Who signs: Every buyer and every seller.
TC checklist
- Ask the client first, and agree the new date. Give a realistic date, not the most hopeful one.
- Get the extension signed before the current closing date passes. A contract that expires may not be revived by a late extension.
- If an end buyer is assigned, check that the assignment or B to C contract is extended to match.
- Update payoffs, the tracker, all calendar reminders, and every party.
- In states with limits on how long a wholesale contract can stay open, check with the client and title before agreeing a long extension.
Common mistakes: Extending the seller contract but forgetting the end buyer's contract. Sending the extension on closing day.
Notice of cancellation
What it is for: One party ends the contract using a right the contract gives them. The notice must state the reason that matches the contract. Standard cancellation forms usually list reasons like these:
| Buyer may cancel when (per the contract) | Seller may cancel when (per the contract) |
|---|---|
| Inspections or reviews are unsatisfactory, within the inspection period | The buyer's deposit was not delivered on time |
| The seller did not fix title objections | The buyer breached the contract or failed to close |
| The seller breached or failed to close | Loan approval notice was not given on time (financed deals) |
| The property appraised below the price (financed deals) | No written repair agreement was reached in the time allowed |
| Loan terms could not be obtained (financed deals) |
Some forms also include a conditional cancellation: the buyer cancels unless the seller agrees to extend the inspection period to a new date. If the seller signs the extension, the contract continues.
When the TC uses it: On the client's written instruction only, usually near the end of an inspection period or after a failure by the other side.
Who signs: The party who is cancelling. For a conditional cancellation, the buyer signs, and the seller signs to agree to the extension.
TC checklist
- Client's written instruction, with the reason
- The reason matches a right in the contract (ask the client or title if unsure)
- Delivered before the deadline, in the way the contract says notices must be delivered
- Confirmation of delivery saved
- Usually followed by a release of contract and earnest money (below)
State cancellation rights: Some states give sellers in wholesale contracts a right to cancel within a short window after signing, and require the cancellation process to be explained in the contract. A seller using that right does not need a reason. Follow page 04 and escalate to the client at once.
Release of contract and disbursement of earnest money
What it is for: Both sides agree the contract is over, release each other from further claims, and instruct the deposit holder exactly who receives the deposit and how much.
When the TC uses it: After a cancellation, or when both sides agree to walk away. Often sent together with the notice of cancellation.
Who signs: All buyers and all sellers, plus the brokers when agents were part of the contract.
TC checklist
- Contract date, property and parties exactly as on the contract
- Deposit holder named correctly
- Deposit amount and recipient match the client's written decision
- All signatures collected; title confirms receipt and the payment date
- Status moves to DEAD with a reason code once the release is complete
Common mistakes: Sending a release with the wrong deposit amount. Moving a file to DEAD before the release is signed, which leaves the deposit stuck and the contract technically alive.
Assignment of contract
What it is for: The client (the assignor) transfers its rights and duties under the seller contract to the end buyer (the assignee), usually for a fee paid at closing.
What it usually covers: The original contract (date, property, parties), the assignment fee, the end buyer's deposit and whether it is refundable, the closing date, that the end buyer takes the property as the contract describes, and what happens if the end buyer fails to close.
When the TC uses it: When dispositions has an approved end buyer. Dispositions or the client prepares it; you check it and deliver it.
Who signs: The assignor (client's entity) and the assignee (end buyer). Seller consent is needed only if the seller contract requires it.
TC checklist
- Assignee name is exactly what the end buyer wants on the deed
- Fee and deposit match what the client approved
- Closing date is the same as, or before, the seller contract closing date
- Any state disclosure owed to the assignee has been given
- Sent to title the same day with the assignee's entity documents
Memorandum of contract
What it is for: A short, notarized document recorded in county records that tells the public "this property is under contract with this buyer." It warns other buyers and lenders, and stops the seller selling to someone else without the client knowing.
When the TC uses it: Only when the client's policy says to record one, and only where the law allows. Some states restrict or prohibit recording wholesale contracts or memoranda. Always check with the client and title.
Who signs: Usually the buyer, sometimes both parties, before a notary.
Critical rule: A recorded memorandum is a cloud on the seller's title. If the deal ends, the client must record a release of memorandum promptly. Track every memorandum in the CRM until it is released.
State wholesaler disclosures
What they are for: A growing number of states require a written disclosure to the seller before or at contract signing. Common contents: the buyer intends to sell or assign their contract interest for more than they are paying, the buyer does not represent the seller, the seller may want to talk to an attorney, and the seller's cancellation right if there is one. Some states require exact wording, bold print or minimum font size, or delivery a set number of days before signing.
When the TC uses it: On Day 0 intake, you check the disclosure is signed, dated and was delivered on time. If it is missing, you escalate Red before opening title. The fix is the client's decision, not yours.
Who signs: The seller, and usually the client's entity.
Other documents you will handle
| Document | Purpose | Who signs |
|---|---|---|
| Seller information sheet | Gives title the seller's legal details, loans and forwarding address | Seller |
| Payoff authorization | Lets title request payoff figures from the seller's lenders | Seller |
| JV agreement | Sets each partner's role and share of the fee | Both JV partners |
| Third-party authorization (subject-to) | Lets the client speak with the seller's loan servicer | Seller |
| Retail Partnership agreement | Sets how the property is marketed and how the spread is paid | Seller and client |
| Repair request or response (retail files) | Records repairs the buyer requests and what the seller agrees | Buyer and seller, through agents |
| W-9 | Tax identification for anyone paid at closing | Each payee, given directly to title |
Check yourself
- The end buyer needs five more days and the client agrees. Which two documents need an extension?
- What is the difference between a notice of cancellation and a release of contract?
- A seller's counteroffer expires at 5 p.m. Central time. Your shift timezone is different. How do you log it?
- Why must a recorded memorandum be tracked until it is released?
- On intake you see that the state requires a wholesaler disclosure and it is not in the file. What do you do?
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