Using Dotloop at Key and Purchase Agreement Review

How to use Dotloop at Key Realty including submitting for review, loop set up and folder due dates as well as an overview of your local board contact/purchase agreements

Understanding Dotloop Terms

Setting Up Your Loop Templates

How to set up your loop for DUAL AGENCY

Submitting your Loop Folders for Review

The Review Process

Dotloop Tips To Remember

Key Realty Commission Disbursement Policy

Common Transaction Scenarios and What To Do

Dotloop Help & Support (Videos)

• Part 1 - Getting Started and Account Settings
• Part 2- Loop Creation and Management
• Part 3- Managing the Documents
• Part 4- Finishing up
• Part 5 - Using Dotloop Mobile
• Part 6 - Contracts (Local Contract Training)
• FAQ’s

At Key Realty we use Dotloop to streamline the document submission process and expedite commission payments to our agents. It provides Key Realty the opportunity to spot contract errors, verify State and Key Realty compliance and to assist our agents from getting caught up in a potential liability issue. 

Understanding Dotloop Terms

Loop - An individual loop inside your Dotloop account

Folder - A folder lives inside a loop and only inside loops. You may have multiple folders inside a single loop. 

Why do forms say they are optional?

When Dotloop forms are created in the Dotloop templates, we have two choices: 1) Optional 2) Required to Submit. We cannot create documents as 'required to submit' because they would not apply to each deal. We create all forms available in the templates as 'optional' and provide to the agents the Agent Processing Checklists for listing, sales, and closing as a guide for what is required or not required for each stage.

Setting Up Your Loop Templates

It's important to remember when setting up a loop that you use a loop template so that all of the documents and folders you may need throughout the course of the transaction are available and organized. Keep in mind that each Listing, Sale and Closing folder each have a folder checklist that is required to be completed and signed by each agent BEFORE submitting for review. 

1. Click Create a Loop
2. Enter the property address as the loop name
3. Click continue and select the listing loop or buying loop template. 
4. Click continue. You may choose to upload a photo of the property but it is not required. 
5. Click done. Your loop is now created and you may click on the loop address or the view loop button to continue. 

The Listing Loop

Your listing loop will contain 4 folders outlined below. Each folder is DUE within 48 Hours after the documents for that specific folder are signed according to the folder checklist.

Listing Processing -  This is where your listing agreement and other documents go when you are listing a house for sale. 

Sale Processing - This folder is where the sale documents go when your listing goes under contract. 

Closing Folder - This folder contains all of the closing documents after the home has closed such as sale addenda, Inspection Release Forms, Disbursement sheet, copies of the check and the HUD/CD/Settlement Statement, etc. 

Misc - This folder is available to keep any documents that are not part of the checklist in the other folders. Items such as a home inspection report or quotes for the transaction are some examples of items that would be kept in the misc folder. 

The Buying Loop

Your listing loop will contain 4 folders outlined below. Each folder is DUE within 48 Hours after the documents for that specific folder are signed according to the folder checklist.

Sale Processing - This folder is for the purchase documents for the transaction. 

Closing Folder - This folder contains all of the closing documents after the home has closed such as sale addenda, Inspection Release Forms, Disbursement sheet, copies of the check and the HUD/CD/Settlement Statement, etc. 

Misc - This folder is available to keep any documents that are not part of the checklist in the other folders. Items such as a home inspection report or quotes for the transaction are some examples of items that would be kept in the misc folder. 

How to Set Up Your Loop for Dual Agency

(both sides of the deal) 

When you are using the listing loop you will have three (3) folders:  Listing, Sales, and Closing. Follow these steps below to set up your loop when representing both sides of the transaction/deal. 

1. In the Sales Processing - Listing Folder, add the following required documents for the buyer to sign from the Dotloop Templates:
   1. Consumer Guide 
   2. Anti-Fraud Advisory Form
   3. Buyer Advisory 
2. Use the Sales Processing checklist to ensure that BOTH BUYER and SELLER have signed the required documents for all transactions and that the buyer has signed the additional required documents when representing the buyer. 

Submitting your Loop Folders for Review

Our goal as a company is to protect the client, agent, and brokerage by overseeing document compliance and to get our agents paid quickly.

When do I need to submit my folders? ⏰

Submit for review listing, sales, and closing folders within 48 hours of completion. 

The Review Process

Sales & Listing Folders

• If a correction is needed, we will approve the sales and/or Listing folder pending the correction. Do NOT resubmit for review. Your Sales and/or Listing folder should only be submitted ONE time.
• Ensure you upload the corrected documents to your sales and/or listing folders that were requested if your folder was returned pending corrections prior to submitting your closing folder. 
• It is your obligation as a licensee to provide the brokerage with a complete and compliant file.  E & O may not cover damages if the agent-provided documents are not compliant.

• Again, do NOT resubmit the corrected folder for review.  We are counting on you as professionals to ensure that corrections are made in a timely manner, prior to closing. 

Closing Folder

• Ensure you have uploaded any missing or incorrect sales and listing documents before submitting your closing folder for review. This is when the compliance team will recheck your sales and/or listing folders for the requested corrections.
• If your closing folder is returned, make the necessary corrections and re-submit for review. The closing folder is the only folder you may submit for review more than once.

To clarify, we have two stages when there’s non-compliance in a folder.  One is ‘pending correction’ whereas we tell the agent what needs to be corrected, ask the agent to make the correction, ask them to NOT re-submit the folder for review, and we will pay on this status.  We will re-check the ‘pending correction’ folder AFTER the closing has been submitted to see if it’s been fixed.  They do NOT add the corrected documents to their closing folder.  They stay in the initial folder.  If the correction isn’t made, we still pay, but add a Dotloop violation to the agent’s Hubspot profile.

The other stage is ‘returned to agent’.  We do NOT pay if the folder is returned.  The corrections need to be made and that folder re-submitted for review.  The necessary items to be completed in order to avoid a return and get paid are:

1. Fully Executed Purchase Agreement
2. Agency Disclosure Statement
3. Buyer Advisory (if representing the buyer)
4. Final Signed HUD/Closing Statement

What order folders are reviewed in?

There is a certain order in which folders are reviewed.  Each day, closing folders are reviewed first for those loops that have a compliant and approved listing folder (if applicable) and a sales folder.   Keep in mind, we cannot process and approve your closing folder if your sales and or listing folders have not yet been approved.  After closing folders are approved and the commission payout process has been completed, we will then review sales folders in the review queue and lastly listing folders. Please note that it may take 2-3 days for your listing folder to be reviewed. You do not need to resubmit your listing folder. 

What Labels to use when submitting for review

When you are ready to submit a folder for review Dotloop will ask you the folder type and give you a list of options from a drop-down menu. Here are folder types explained and when to use:

LISTING - Only for the Listing Processing Folder

BUYING - Sale Processing (Listing or Buying Side) and Closing Processing (Listing or Buying Side)

Listing Processing - (If Applicable) Listing folders are reviewed as time permits depending on the volume of closing and sales folders that need to be reviewed.

Sales Processing - If you are on the listing or buying side of the sale, your sales folder will need to be reviewed before your closing folder can be processed.

Closing Folder - This is the final folder to be reviewed. Your sales (and if applicable, Listing) folder must be reviewed before your closing folder can be reviewed and approved. 

What happens when you submit your closing folder late

• Your Closing Folder will be processed no later than the next business day after it is submitted for review OR WITHIN 3 BUSINESS DAYS OF REVIEW OF YOUR SALES FOLDER AND (if applicable) LISTING FOLDER.
• For example, if you submit your Sales Folder and your Closing Folder for review on the same day, your Closing Folder may not be processed for 3 business days.
• The commission ACH transfer will be initiated once ALL required folders are reviewed and compliant.
• To ensure your commission payments are not delayed, please submit your completed Listing and Sales Folders within 48 hours of having a completed file/folder.
• If you have any questions, please contact your regional manager directly.

Our goal as a company is to protect the client, agent, and brokerage by overseeing document compliance and to get our agents paid quickly.

Dotloop Tips To Remember

• Listing documents are only to be submitted under "Listing" for review
• Sales and Closing docs are only to be submitted under "Buying" for review (even if it was your listing)
• Make sure your folders are named properly:  Listing, Sales Processing - buying side  or  Sales Processing - listing side, Closing
• You will have up to 3 folders in your loop that will be individually submitted for review
• You may have a Miscellaneous folder for additional documents that are not required to be submitted for review:  ie. Lead-Based Paint Brochure, Home Warranty Brochure
• Add a role to people in your loop, especially yourself:  either buying agent or the listing agent
• The Agent Processing Checklist must be completed and signed for each folder before submitting for review
• The Disbursement Form is required to be fully completed and in your closing folder, signed by all agents receiving commission on your side of the deal.
• Do NOT add the task checklists.  Only Admin. adds those for processing
• Review your file prior to submitting it for review.  It should be complete and compliant.
• Always add a Dotloop message to the Admin when submitting a folder for review to explain any unique circumstances/paperwork, etc.
• The Administrative staff does not see Dotloop messages unless we are actively reviewing a folder.  If you have a question, only email it to your regional manager.

Key Realty Commission Disbursement Policy

• A folder that is compliant with State license law regulations and Key Realty’s policies
• The funds have been deposited and posted within Key Realty’s commission account and, if the commission has not been ACHd or Wired to the commission account, we also need a bank stamped receipt for the commission check deposit.
• By the end of the following business day, we will have initiated an ACH deposit of those funds into your account.
• For example, if a folder was submitted on Friday, it will be reviewed no later than Monday and an ACH will be initiated on Monday if the folder(s) is approved and compliant.  If a folder was submitted on a Tuesday, it will be processed no later than on Wednesday.
• Key Realty banks with Fifth Third bank.  When Key Realty initiates an ACH transfer, the effective date is always the following business day, and credit to your account will depend on your financial institution's processing time.

Common Transaction Scenarios and What To Do

Sale Falls Through - If you represent the seller and the sale falls through following these steps:

1. Add "Terminated" to the front of the sales folder (ex. Terminated - Sales Processing - Listing Side) This will allow you and the Support Team to know what folder contains the terminated documents. 
2. Add your fully executed termination form to the folder and submit for review
3. Create a new sales folder in the loop and load the sale processing documents from the templates section to that folder. Now you have a new sales folder to start the next sale in when the listing goes back under contract. 

Tip:  We suggest that you add the buyer's name to the sales folder name to avoid confusion if there are multiple terminated deals.  

Sale Documents in another Loop - When you represent the seller, oftentimes you will receive an offer from another agent and it creates an entirely new loop. Before opening or modifying the documents see this dotloop article on how to merge a loop. 

If you are unable to merge the loops, you can select the documents and copy them to the sales folder in your original loop. It's important that your sales folder is located in the same loop as your listing folder when you are on the listing side of the transaction. Click here for instructions on how to copy documents to another loop.

Dotloop Help & Support

If you need dotloop assistance for "Non-Key Specific Issues" you need to contact Dotloop Support. There are a couple of ways to access this support.

When you log into dotloop, on the top left side of the screen you will see * NEW DOTLOOP FEATURES! LEARN MORE.  Click on the  LEARN MORE link then type in the Search Bar. This should bring up some articles that explain how to do what you are trying to do.

If you need additional support, place your cursor over the Profile Icon (the top-right icon). A drop-down menu will appear and the bottom item will be: FOR HELP VISIT TRAINING CENTER OR CALL: 1 (513) 257-0551 - ID:########. Call the support number and be sure to give them your user ID number. We are paid subscribers so they will answer your call much more quickly if you enter your user ID.

If you have any questions, please reach out to your manager. 

Part 1- Getting Started and Account Settings

• Customize “my account” settings
• Overview of People and Contacts
• Manage notification settings
• Add your local association/ board forms to your templates

Part 2- Loop Creation and Management

• Creating first loop- need video 
• Using the “search” feature
• Adding People- Create
• Assigning roles- need video
• Managing People
• Share Documents with other Agents
• Drag and Drop
• How to include a PDF when sharing
• How to Fax Documents
• How to give others the same level of access
• Make and offer on an existing loop
• Loop views
• Filters and Sorting
• Archive Loop
• Archive a document
• Archive/Delete a Loop
• Using activity log
• Using and managing notifications
• Copying Documents
• Merge Loops
• Submitting for review at Key- need video

Part 3- Managing the Documents

• Document editing features- create video
• Adding Documents
• Sharing Documents

Part 4 - Submitting Your Loop for Closing - Get PAID! 

Part 5 - Using Dotloop Mobile

• Using the IOS app
• Using the Android app

Part 6 - Local Purchase Agreement (Contract) Overview 

Please see your region below for a specific overview of your area's purchase agreement. 

• Ann Arbor (Dennis O'Hare)

  

• Columbus (Aaron Singerman)

  

• Ohio South (Erin Rickman) -Dayton Board of Realtors Contract

  

• Dayton (Erin Rickman) - Columbus Board of Realtors Purchase Agreement

  

• Hillsdale (Dennis O'Hare) - Hillsdale Purchase Agreement

  

• Findlay (Doug Finney) Heartland Purchase Agreement

  

• Jackson (Dennis O'Hare) Jackson Area Association of Realtors 

  

• Livonia (Thuy Gimby) Michigan Association of Realtors

  

• Monroe/Downriver (Robin Heath) 

  

• Toledo (Phil Navarre) Northwest Ohio Real Estate Information Service

  

• Cincinnati North (Roy Webb) Cincinnati Purchase Agreement Review

  

• Upper Peninsula (Nathan Brabon) Upper Peninsula Purchase Agreement Review

  

• Grand Rapids (Chris Petter) Grand Rapids Purchase Agreement Review

  

• NE Ohio (Marcy Imperi) Northeast Ohio Purchase Agreement Review

  

• Traverse City (Jennifer Hastings) Traverse City Purchase Agreement Overview

  

• Troy/Rochester (Thuy Gimby) GMAR Purchase Agreement Overview

  

FAQ’s

• I misspelled someone’s name or email.  How do I fix it?
• Resending a document
• How Do I Change My Name, Email, And Password