Gary Pesselt, broker White House Properties Woodland Hills, Calif.
Telephone Log Helps Document Your Transactions
If you write down everything involved in a real estate transaction, you'll have documentation to defend yourself if sued.
January 1, 1998
I keep not only an up-to-date transaction file but also a telephone log that summarizes what’s said in all calls pertaining to a transaction.
In my transaction file, I have an escrow check sheet with all the information regarding the sale of a property and a space for dates. On the back of the check sheet is a log and notes section. In that section, I document every telephone call, giving the date, the name of the person I talked with, and a one-line description of what was said.
Here's an example of some log notes from one transaction:
9/4--(Countrywide)--Needs case number from VA, then order appraisal; needs factual credit.
9/4--Doris (selling agent)--Says minor problems with physical inspection, will fax report and requests.
9/7--Doris--All paperwork went back to escrow by messenger.
9/11--Karin (inspection)--Tuesday @ 10 a.m.
9/11--Steve (appraiser)--Called for seller's transfer disclosure statement, contract & plat maps for 9/12 @4:30 p.m.
9/16--Denise (escrow)-- No loan approval, as VA hasn't sent something, plus missing verifications.
My phone log and notes have been referred to many times. A couple of times attorneys have asked to look at my notes to help them make a decision about whether or not to sue.
The notes are helpful. My wife and I have been in real estate for 20 years, and we have yet to be sued.
Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.