The Closing Parties tab provides a centralized place to record the various parties involved in the sale of a property. This is useful for both communication and historical purposes. These parties could be buyers and sellers, agents, and various common contacts. While the closing is in progress, you can access the contact information for all of the involved parties from the Closing Parties tab. Additionally, you can send group email messages to some or all of the participants.
When a closing is frozen (assigned with a status of either "Fell thru" or "Closed/Paid"), a snapshot of the all the associated contact information is taken and stored with the closing record. Deletions or edits to the contact database will no longer affect the closing record information, although you will still be able to click-through to the Contact database record from the historical record. Until the closing is frozen, however, the contacts associated with the closing will update dynamically with any changes made to their contact records in the Contact database.
When working with closing parties, the property's current status, your account type, and your relationship to the property being sold will all affect the options you see on the Closing Parties tab:
If the closing is linked to a listing of yours you will not be able to define your role as "representing the buyer", although "representing the buyer and seller" and "representing the seller" will still be available to you.
The option to add or remove closing agents will not be displayed unless you are part of a team or partnership Top Producer 8i account.
If the closing has a status of "Fell thru" or "Closed/Paid", you will not be able to change the Closing Parties.
The "Common Closing Parties" list is simply a collection of the contacts that are often involved when you are managing a closing. These could be mortgage brokers, property inspectors, renovation specialists, etc. All of the members of the Common Closing Parties list exist in your contact database, but also exist in your Common Closing Parties list in order to make them easier to find when you're creating or editing a closing record.