Lesson 8 Contents
The myTransactions Rollout... 2 What is myTransactions? ... 2 Activating myTransactions ... 2 The eEdge Control Panel ... 5 The myTransactions Dashboard ... 5 Definitions ... 7 The Sharing or Permissions Concept ... 7 Archiving of Documents ... 9 Loop Types and Their Usage ... 10 How to Create a Loop ... 13 Completing forms ... 18 Reviewing Loop Forms ... 22 Your Client’s myTransactions Experience ... 26 Inviting a Co-Op Agent ... 32 The Revision Process ... 35
“Jumping In and Jumping Out” ... 37 Adding Attachments ... 38 Submitting for Review ... 41 Your myTransactions Account Settings ... 43
What Is myTransactions?
myTransactions, powered by DotLoop, is a revolutionary paperless transaction system. It is guaranteed to make you more efficient—no more faxing papers back and forth, having to meet with clients in person, or driving across town for missed signatures or missing forms. With this system, the traditional paper trail is now online and parties can collaborate in one space. Furthermore, the system has
enhanced security—no more initialed changes to smudged contracts, illegible handwriting, over-faxed contracts, or lost documents. Using the myTransactions with DotLoop system, every adjustment can be tracked and time stamped, creating one seamless document. Each field has its own history attached to it, allowing users to see changes. And the documents are stored for seven years, with all parties having access.
Many associates are familiar with online document signing. However, the DotLoop difference is that the forms are live and interactive. The document is shared online and the only thing sent is a link that invites others to view/sign the document. Note, however, that the system does accommodate the traditional emailing of PDFs as well as the faxing of documents, but the core of the system and integrated electronic signatures function through this “sharing” concept.
myTransactions Support
Within the myTransactions system, there are a number of support resources. You will find brief tutorial videos available throughout the system to help you along the way. At the bottom of each screen, you will also see a Help link, where you can find the library of video resources, as well as FAQs and phone support.
Activating myTransactions
Once myTransactions is available in your Region, you will need to activate your account.
a. Click Start your eTransaction setup.
b. Click on Join Now.
Your Turn!
Follow the steps above to activate your myTransactions account.
The eEdge Control Panel
You have direct access to myTransactions from the eEdge Control Panel. From the Control Panel, you can do the following:
a) Click on Messages (to review new notifications within a transaction loop) b) Start New Transaction
c) Buyer Transactions (lists your buyer transaction loops) d) Listing Transactions (lists your listing transaction loops) e) Greensheet (access the online Greensheet system)
The myTransactions Dashboard
The myTransactions Dashboard is known as “Agent Home.” Click Home from anywhere within myTransactions to access your dashboard.
Agent Home is the snapshot of a virtual office. A “loop” is a transaction, or your real estate file. It will contain all the agents, clients, and forms associated with a transaction. Buying loops are therefore offers, and listing loops are listings.
a. The gray tabs at the top of the page contain all of your loops.
b. Manage your clients by selecting My Clients.
c. See your notifications and activity log by clicking Messages.
d. Manage various aspects of your account by clicking My Account.
a b c d
The rest of Agent Home is split into four sections.
a. Recent Loops: Lists your loops that have had activity in the last five days. You can go to the specific loop type at the top for a comprehensive list of all the loops.
b. Calendar: Reflects tasks and reminders set-up.
c. Search Your Clients: Allows you to quickly access basic client information.
d. Activity Log: Displays all recent activity.
Definitions:
To assist you with understanding the myTransactions environment we must start with 3 definitions:
1) Interactive Form – A document that has been uploaded into myTransactions for the purpose of collaborating online. Once forms are created, the Version Now technology within
myTransactions allows them to become "interactive" so that you can prepare documents online while allowing buyers and sellers to digitally sign when appropriate. Additionally, the myTransactions solution also provides configurable document workflow and real-time collaboration to ensure that the transaction process is seamless and trackable. (This negotiation process is described in more detail under “The Revision Process”).
2) Workflow – The programming behind the interactive forms that will assist you in what to do
a
b
c
d
the transaction (used listing or buying loops)
Ex. Buyer Representation Agreement or Listing Agreement
Make Available to Buyer Once the form is completed (listing loop) it can then be made available to any buyer making an offer. In the case of multiple offers each buyer has their “copy” that they can sign, leaving the original form available to other buyers. Upon usage by a buyer the form will then use Negotiating style workflow.
Ex. Seller’s Property Disclosure
Negotiating This form is completed by the one side of the transaction and then revision permissions are passed to the other side. If changes are made, a new version is created and revision permissions passed back. This continues until both sides have signed the form at which time the form locks and no revisions can be made.
Ex. Purchase Contract, Amendments
3) A Loop –A “loop” is a transaction, or your real estate file. It will contain all the agents, clients, and forms associated with a specific transaction. Loops can contain the interactive documents as well as “Attached” PDF documents. Permissions to view the individual forms is granted based on role, not by individual. For this reason, a new loop is required for each offer a selling client receives or a buying client makes.
The Sharing or Permissions Concept:
myTransactions uses a role based permissions system to share documents between parties. Access to documents is given to a role not to a particular individual. As you add documents, no one other than you will have permissions to view a particular document until permission is granted to each specific document by either sending an invitation to sign, or in the case of attachments editing the who can view section. This enables you to have documents stored in the loop that are only visible to you (and your Broker).
o Buying Client – any Client added to a Buying Loop
o Clients added to a Basic loop will not have Listing or Buyers included in the role title.
Permissions to view documents are created during the “Send to Client” or “Send to Agent” action. For instance, after completing documents in a buyer’s loop, the system will prompt you to send the documents to your buying clients. During this process, you will be shown the list of current buying clients in the loop. However, you will not have the option to select particular individuals, the invitation will go to ALL clients within that loop as they all have the buyer role. This is due to the role based system where all parties with a specific role are granted access at the same time. (Note: The email invitation sent to the client will contain a link to the electronic environment to view the document; no attachments are actually sent.)
Therefore, creation of a new loop is required for each separate offer received on a listing or each offer submitted on behalf of your buying client.
Each Offer made by your Buyers on different properties should have its own buying loop.
Each Offer received on your listing by separate buyers should have its own offer loop
If you received offers on two separate listings from the same set of buyers, each offer should have its own offer loop, attached to its respective listing loop.
Each Listing you start should have its own listing loop.
Offers received or made through the “Make and Offer” link will automatically have the appropriate loops created.
Think of each loop as a separate file folder and you are creating a new folder (loop) for each transaction involving a different set of parties/individuals. Once a document within a file (loop) is sent to the clients, anyone holding the role of client in that loop can now see that document.
Adding anyone into a loop as a client will result in them being able to view any documents other clients in that loop can view, even if the new client being added is part of a separate offer. The same holds true for inviting agents. If you invite a second agent into the loop, they too will have access to all the same permissions as the previous Agent in that loop, even if they are representing a different client.
Failure to create a new loop may potentially put you at compliance or permissions risk.
Example:
A listing agent receives an offer on 123 Main St. from Mr. and Mrs. White. The listing agent creates an offer loop and invites the Cooperating agent which in turn starts a Buying Loop for the
uploads the documents to the first offer loop. The Listing Agent then invites the new Buyer’s Agent into the loop. Because the system is role based and Mr. and Mrs. Brown, are clients in the same loop as Mr. and Mrs. White, they can now see each others offer documents. Likewise, the Agent from the second offer is an Agent in the same loop as the first offer Agent, they also can now see the documents from both offers.
Archiving of Documents:
Archiving allows you to remove a loop or form from your main view. These forms are not deleted, and can be viewed from the “Archive” option in the secondary menu. This allows you to archive inactive loops or forms, so you only see any active loops on a loop summary screen or active forms within a loop.
Just like paper documents, with the interactive documents each party to a transaction retains all rights to view a document/contract that they originally submitted. Therefore, archiving does not remove the ability of other parties to view the document.
Your have the ability to archive loops and forms.
Archiving a form within a loop does not affect the viewing or access permissions of any Client or Cooperating Agent. All archived forms are still visible to the Client and Cooperating Agent on their respective views. For compliance purposes this does affect the initial view on the Broker Dashboard, however the Broker Dashboard user can still access all archived files.
Archiving a Loop does not affect the viewing or access permissions of any Client, Cooperating agent, or Broker(Broker Dashboard). All archived loops are still visible to the Client, Cooperating Agent and Broker Dashboard on their respective views.
Loop Types and Their Usage:
There are 5 types of loops within myTransactions – Listing Loop, Buying Loop, Basic (Client Loop), Forms Loop, and Offer Loop. The type of loop will determine the workflow of a particular form.
1) Listing Loop –
a. Requires an Address and Client to start the loop.
b. Created by the Listing Agent when starting a transaction (listing).
c. Forms initiated in this loop are viewable only by the Agent and Listing Client unless shared with the buying side (sharing with the buyer side will result in the form being visible in the Buying Loop and Offer Loop)
d. Contains the listing side specific forms between the Agent and the Client.
e. Listing documents will take on the “Agent to Client” when used in this type of loop.
f. Contract type documents will take on the “Make Available to Buyer” workflow when used in this type of loop.
g. To assist in separating Contract or Offer related documents from the original listing documents should not be uploaded within this loop (see offer loop)
h. Uses eSignature and Attachments functionality 2) Buying Loop -
a. Requires an Address and Client to start the loop.
b. Created by the Buyers Agent when starting a transaction (purchase offer).
c. Forms initiated in this loop are viewable only by the Buying Agent and Buying Client unless shared with the listing side. (sharing with the listing side will result in the form being visible in the Offer Loop)
d. Contains the contract or offer forms for a specific client for a specific address e. Buyer only documents will take on the “Agent to Client” workflow when used in this
type of loop.
f. Buyer and Seller related documents will take on the “Negotiating” workflow when used Listing Loop Buying Loop
Offer Loop
Basic Loop Forms Loop
a. Created when the Co-Op agent makes an offer on Listing Loop (see Offer Loops, Lesson 9, Page# for more information on their creation)
b. Intended for the purchase or offer documents between the buyer and seller c. Forms initiated in this loop are viewable only by the Listing Agent and Client unless
shared with the buying side. (sharing with the buying side will result in the form being visible in the Buying Loop)
d. Forms viewed within this loop represent the forms from the Buying Loop that the Selling Agent or Client have permission to see.
e. Purchase or Offer Documents initiated by the Selling side should be initiated from within this loop, not the Original Listing Loop.
f. Listing Loops can have multiple offer loops attached.
4) Basic Loop –
a. Also known as Client Loop – Requires only a Client to start the loop (no address is required).
b. Intended to be used by Buyers Agent, although a Listing Agent can use this type loop.
c. Forms initiated in this loop are viewable only by the Agent initiating the loop and their client unless shared with the other side.
d. Best used by Buyers Agent to complete the preliminary buyers documents (non address specific) signed by the buyer before making an offer on a property. When an offer is accepted an ready to be submitted to the office, these documents can be copies to the Buying Loop.
e. Documents will be “Agent to Client” workflow.
f. Uses eSignature and Attachments functionality 5) Forms Loop
a. Requires no Client or Address
b. Intended for completing forms when the parties of the transaction do not want to take advantage of electronic signatures.
c. Forms initiated in this loop are viewable only by the Agent initiating the loop.
d. Loop could be used for tracking referrals and their documentation. Loop name could be
“Client Name referred to Agent Name” for tracking purposes. All documentation for the
How to Create a Loop
1. There are three ways to start a loop.
a. Directly from your contact list by clicking the “Start myTransaction” icon: .
b. Using the Start New Transactions under [more options] of the myTransactions tab on the eEdge Control Panel.
c. If you are already in myTransactions, you can click on Start Loop in the upper right hand corner.
2. Select the loop type. Depending upon the method you selected to start the loop, you will see one of the two screens below:
From the eEdge Control Panel or from within myTransactions:
If directly from the contact list within myContacts:
3. Select the property.
a. For a Listing Loop: Enter the property address.
b. For a Buying Loop: You can search by Listing Agent’s Name, MLS number, or property address. The property addresses are integrated with the Keller Williams Listing System (KWLS). Select the appropriate address. If the address does not come back with a match, select No.
If you selected No above, the system will prompt you to complete the fields shown.
Continue to the next step by clicking Continue (the system will capture the information and is able to populate it throughout the forms).
4. Add forms. Using the forms library, you can search, select and reorder forms. You can also hover over a form name to see an image of it.
Forms on the left are all the forms available to you; forms on the right are the forms you are using with this transaction.
Note: If you started the loop with a form set, those forms will automatically appear on the right hand pane.
You can always add and remove forms after the loop is created.
a. Add forms by selecting in the left-hand column and clicking Add.
b. Once you have all the forms you need, select Create Loop.
TRAINING TIP! The next action button is located in the bottom right-hand corner of the page over 90 percent of the time on DotLoop. If you ever feel lost on the system, remember to scroll down and check the bottom right-hand corner.
5. Add clients. Your myContacts database is integrated with myTransactions.
Type in the client’s name and click Search. If this is a new client, select New Client – Add &
Attach (this will also create a contact record in MyContacts).
Each client must be added separately. For a client to sign electronically, they must each have a unique email address.
It’s important that each client required to sign a document has a unique email address. For example, if two people are cosigning, each person must use their own individual email address. Each electronic signature is confirmed by the use of an email login and unique password created by the client. This adds an additional critical layer of compliance.
a. Click Save & Continue.
Your Turn!
1. Find a partner. You will pretend to be your partner’s agent and vice versa. Note: If you do not have a partner, set up a fake client using your personal email address. (Use an address other than the one tied to your myTransactions account)
Completing Forms
Once you’ve created the loop, added the forms and the clients, you’re ready to start completing your forms. Each field is interactive. This allows for online collaboration, tracking of changes for compliance purposes, and final documents as clean as the original. You must review and save each form in order to give your client(s) access to sign.
1. Fill out all required information (highlighted in yellow).
a. Black “Xs” represent a field that has been assigned to a party for an electronic signature. If you hover your mouse over the field, the system will tell you who is supposed to sign there (buyer agent, buyer client, listing agent, listing client).
b. Red “Xs” represent a field that has not been assigned to a party for electronic signatures. Click in the box next to the “X” and choose who is supposed to sign in that field (buyer agent, buyer client, listing agent, listing client). Once selected the
“X” will change to black.
c. Fields that are highlighted in pink require your signature or initials.
d. Once a field has been signed, the black “X” will change to a green “√.”
e. Once all information is filled in, click Save & Continue. (See Lesson 9, Field Options for an explanation of options available for completing the fields).
2. A Confirmation screen will appear once a form is completed. Click Continue to move to the next form.
3. Once you have completed all forms, you will see a Confirmation screen that your forms are ready to be sent to your clients. Click OK.
4. You will get a second confirmation screen listing the forms and the client information. Add your Custom Email Message and Click Send Online to send the invitation to sign.
Your Turn!
If you are the listing agent, fill out the listing forms and add your partner as the seller. If you are the buyer agent, fill out the buyer forms and add your partner as the buyer.
If possible, sit together as you go through this exercise so you can review each
If possible, sit together as you go through this exercise so you can review each