REINCheck

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VO [00:00:06] You're listening to REINCheck with Andrea Rice, Contracts and Industry Specialist at REIN, where you get the latest member news and information delivered straight from the source REIN MLS.

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Andrea Rice [00:00:20] Hello and welcome to REINCheck. I am your host, Andrea Rice, and today we are checking in with Stacey Rhodes, REIN's product lead for Instanet. And we're going to talk a little bit about how to accommodate more than two signers when signing documents. Stacey, thank you so much for joining us here today.

Stacey Rhodes [00:00:37] Thank you, Andrea. I'm glad to be here.

Andrea Rice [00:00:39] Yeah, we're really excited to have you. I know the training department gets several calls a year asking how to accommodate more than two signers. So we thought we'd just take the opportunity today to kind of clarify that. Let's start with how to add an additional signature box to an existing form. You know, there may be instances where you just need one extra signature box on one or two forms. So how do you add a signature box to an existing form in this scenario?

Stacey Rhodes [00:01:11] To add an additional signature box. All you have to do is add that person as a contact in the transaction. From there, on your signing page, you can click on tools, choose the person's name in the dropdown, drag the signature block to where it belongs on the page. Check out our new training video titled Additional Signers to see the steps.

Andrea Rice [00:01:36] Yes, thank you, Stacey. That's really great information and we'll have a link to that. And that will also be on REINMLS.com, is that correct?

Stacey Rhodes [00:01:46] Yes.

Andrea Rice [00:01:48] Thanks, Stacy. That was really helpful. Now, I would like to mention that REIN Sales Managers Advisory Committee created an additional signature page addendum to accommodate scenarios where there are three or more signers. So the first two signers would sign on the form and signers three, four, etc. would sign on the additional signature page addendum. And it's important to note that you need to use this addendum with every form that you need multiple signers for. Every agreement, amendment, addendum, disclosure is a separate document. The additional signature page addendum is designed so that each document will have the number of signers necessary so that all parties to each documents can sign. I know we've had people call in the past thinking that they can just add this form one time to the transaction and it applies to every form in the transaction, and that's just not the case.

Stacey Rhodes [00:02:43] We do get calls on this several times a year. The additional signature page addendum can be added to the transaction just like any other form and is available in the Instanet REIN library of forms. Our training video Additional Signers also goes over how to add that form. You can even change the name of each ASPA to include the specific form and click on the three dots to the right of the form and choose properties slash rename.

Andrea Rice [00:03:18] Great. Again, another useful video for you guys to go in and check out if you need additional information on that. Lastly, I want to talk about what you do as someone is signing on behalf of an LLC or other entity that is not an individual. REIN Rule 3.2.21 states in part when the seller is an entity, example, a Business trust, LLC, estate, etc. All documents must be signed with an individual person's name and that person's title in the entity next to the signature. Stacey In this scenario, how do you prepare the signature block in Instanet?

Stacey Rhodes [00:04:00] Yes. So this is actually done in the context section of your transaction. When adding the person who will be signing as a contact, their name would go in the first and last name spots. The business name would go in the legal name spot. Finally, businesses can't sign for themselves. The preferred signature always has to be the person's name and their title. Then it will populate in your signature blocks correctly. Please check out our training video titled Signing an LLC to see how to set up your contacts if a business is selling your property.

Andrea Rice [00:04:46] Thank you, Stacey. And for those of you listening, you know, pay attention to those training videos. There's a lot of helpful information, you know, step-by-step on how to handle additional signers, along with, you know, a bunch of other training tutorials that we have available for you on REINMLS.com. And Stacey, I really want to thank you for taking the time today to talk a little bit about additional signers. I know we get that question a lot. And thank all of you for listening. I hope you enjoyed this episode of REINCheck. If you missed any of the previous episodes, I do invite you to go to REINMLS.com to take a listen, and if you've not done so already, please make sure you subscribe to REINCheck so that you can get new episodes delivered directly to you when they are released. Thank you and have a great rest of your day.

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VO [00:05:34] You've been listening to REINCheck with Andrea Rice. Stay in the know from those who know. Delivered straight from the source, REIN MLS.

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