How to Audit Listings and Transactions in NexOne (Faltour)

Summary

This standard operating procedure outlines the weekly file auditing protocol within NexOne (formerly Faltour). Reviewing active listing files and pending contracts ensures team efficiency, contract accuracy, legal compliance, and a seamless closing experience for our clients.

Audit Overview & Schedule

Frequency and Responsibility

• Accountable Seat: The Operations seat is directly responsible for executing this process.

• Schedule: This file audit must be performed weekly, usually every Wednesday.

• Objective: To catch missing documents, calculate missing commissions, set condition reminders, and verify file compliance before documentation is sent to lawyers.

Step-by-Step Transaction Audit Workflow

Managing the Core Transaction Tabs

Click on the Transactions tab at the top of the page (to the right of Listings and Clients) and evaluate the following sections:

• Profile Tab: Verify that the transaction status matches reality. Cross-reference the data points against the fully executed Agreement of Purchase and Sale (APS) or Agreement to Lease. Note that updating this status dynamically modifies the mandatory document and data fields required by the hub.

• Conditions Tab: Check for any looming conditional deadlines. Verify that the "firm up" date matches the contract and any subsequent Amendments. Manually set automated reminders within the system for every condition.

• Contacts Tab: Confirm that full legal representation and lawyer details are uploaded for both the buyer and seller sides. Please ensure that our side’s lawyer has the other partie’s lawyer contact information as well.

• Agents Tab: Ensure the internal team agents and the co-operating brokerage agents are added. Commission splits must be accurate. If unsure of the split, ask lead agent.

• Clients Tab: Confirm that your team's clients and the opposing parties' names are recorded. Ensure the client side selector dropdown (Buyer vs. Seller) is accurate. Full contact details are only mandatory for our team's direct clients (email and phone).

• Tasks & Notes Tabs: Review the Tasks tab for outstanding administrative workflows.

• Appr. (Approval) Tab: Once a transaction successfully proceeds to Conditional or Firm status, perform one final thorough look through all system fields and ensure agents approve the file in a timely fashion. Regular reminders may be necessary.

Document Review

1. Navigate to transactions

2. Click Documents on the right side of the transaction screen.

3. Open every individual attachment to manually verify that all developer signatures and dates are 100% complete. If the document is not fully executed, bring this to the lead agents attention and ask whether there is a fully executed copy somewhere or if it needs to be corrected. Assist where needed.

4. Ensure every document is labeled under its accurate corporate document type.