As a professional in the transaction coordinator community, I'd be remiss if I didn't talk about Agent Visual Inspection Disclosures (AVIDs). Yes, we know they can be a burden for real estate agents, but we don't make the rules; we just send gracious and polite reminders to help you stay on track. As a former real estate agent myself, I understand the struggle of juggling your attention between clients in active escrow and nurturing future business prospects. Getting clients into escrow is both a gift and a responsibility that comes with its fair share of challenges.
If you're the listing agent, your visual inspection is part of the disclosure packet. On the buyer's side, complete your AVID before the investigation contingency is due. The buyer should have an opportunity to review and sign all disclosures prior to removing their contingencies related to the investigation and review of documents. We've heard of escrows where buyers have refused to remove their inspection contingency because an AVID wasn't completed.
While such cases are rare and might not be a valid reason to withhold the entire investigation contingency, it's essential not to give the other side any leverage. Though, a late TDS can be enough to withhold the Review of Seller Documents Contingency.
Schedule your AVID early on, even right after your listing appointment if necessary. On the buyer's side, remember to take a moment during the inspections; your clients will appreciate that you've taken the time to inspect the home yourself. Communication is key; inform your TC about your plans for inspections or house visits, and we'll send you a reminder. When onboarding a new agent, we take the time to understand the areas where they need assistance, so we can provide additional reminders if needed. We can set reminders automatically and pre-schedule them by text and/or email.
Maintaining a timely and organized approach to completing your AVIDs can not only save you a bit of nagging stress but also keep your TC joyful. By staying on top of these essential tasks and fostering a collaborative relationship, you'll be able to focus on what truly matters: building genuine connections with your clients and growing your business. So, let's embrace this winning formula and create a more enjoyable and efficient experience for everyone involved in the real estate journey.
See the insert below from the California Residential Purchase Contract and Joint Escrow Instructions:
"The Real Estate Transfer Disclosure Statement required by this paragraph is considered fully completed if Seller has completed the section titled Coordination with Other Disclosure Forms by checking a box (Section I), and Seller has completed and answered all questions and signed the Seller's Information section (Section II) and the Seller's Agent, if any, has completed and signed the Seller's Agent's section (Section III), or, if applicable, an Agent Visual Inspection Disclosure (C.A.R. Form AVID). Section V acknowledgment of receipt of a copy of the TDS shall be signed after all previous sections, if applicable, have been completed. Nothing stated herein relieves a Buyer's Agent, if any, from the obligation to (i) conduct a reasonably competent and diligent visual inspection of the accessible areas of the Property and disclose, on Section IV of the TDS, or an AVID, material facts affecting the value or desirability of the Property that were or should have been revealed by such an inspection or (ii) complete any sections on all disclosures required to be completed by Buyer's Agent." Dated 12/22
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