Creating a new contract record lets you track every transaction detail from the moment a property goes under contract through closing. This guide covers the New Contract Information Form: the fields it captures and how to fill it out accurately.
Tip: Have the signed contract and property information ready before you start, for speed and accuracy.
The form is typically organized into these sections:
Enter the full, official address from the contract: street number, street name, street type (Lane, Drive, Street, etc.), unit/apt if applicable, city, state (two-letter code or full name), and ZIP code (five or nine digits).
Best practices: spell out street names completely, include directional prefixes (North, South), verify the address against MLS or county records, and double-check the ZIP code.
Note: Common mistakes to avoid: abbreviating street names incorrectly, missing unit/apartment numbers, wrong ZIP codes, misspelling city names, and transposing street numbers.
The date the contract was fully executed and became binding (MM/DD/YYYY or the system-specified format).
Best practices: use the date all parties signed; if dates differ, use the latest signature date. This is NOT the offer date and NOT the listing date; it must be the actual contract execution date.
Why it matters: it starts contingency-period clocks, drives deadline calculations, feeds days-in-contract metrics, may affect commission calculations, and is required for accurate reporting.
The projected or scheduled closing date (MM/DD/YYYY or the system-specified format).
Best practices: enter the date from the signed contract, use the confirmed closing appointment date, build in buffer for delays, update when it changes (common), and coordinate with all parties.
Why it matters: it drives coordination of all closing parties, scheduling (title company, attorney), client planning (moving, funding), pipeline and forecast accuracy, and commission timing expectations.
Choose the representation role in the transaction:
Seller representation: you represent the seller/listing side; a listing agreement is in place, you market the property, and commission comes from the seller.
Buyer representation: you represent the buyer; a buyer agency agreement is in place, you help the client purchase, and commission is split with the listing agent.
Both representation (dual agency): you represent both parties; both buyer and seller are your clients, additional disclosures are required, you earn the full commission (no split), and careful conflict management is needed.
Note: To choose correctly, review your agency agreements, confirm who you represent, ensure proper disclosures were made, and verify with your broker if unsure. It must match the actual legal relationship.
The agent responsible for this contract (usually yourself). Select from the dropdown; your name may be pre-selected, and you can assign a team member if applicable. It may be required for commission tracking.
Best practices: assign to the primary agent on the deal (the lead agent for team transactions), ensure that agent is aware, and update if responsibility changes. This affects commission routing.
Where the client originated. Common options: Repeat Client, Sphere of Influence, Client Referral, Website Lead, Social Media, Open House, Cold Call, Outside Referral, Company Lead (brokerage-provided), and Other (specify if needed).
Why it matters: it tracks marketing ROI, identifies the most effective lead sources, informs marketing budget allocation, supports commission splits for referrals, and feeds performance analysis.
The purchase price stated in the contract. Enter the exact amount, no commas (the system may add them), whole numbers only (no cents). Update if the price changes via addendum. Used for commission calculations.
Capture the commission percentage (your rate), commission amount (dollar amount, may auto-calculate), split percentage (if sharing with another agent), and whether the figure is gross vs. net (before or after the broker split).
Best practices: verify commission against the contract, double-check percentage calculations, account for special arrangements, note whether it's a flat fee vs. percentage, and add unusual structures in the notes.
Capture the client name (full legal name), email address, phone number, and an alternate contact if needed.
Best practices: use full legal names as on the contract, verify email and phone accuracy, note the preferred contact method, include a spouse/partner if applicable, and maintain privacy and security.
Record transaction notes, special circumstances, reminder/follow-up items, coordination notes (who to contact), and any issues or concerns (red flags).
Best practices: be specific and detailed, include dates for time-sensitive items, note non-standard terms, document verbal agreements, and update as the transaction progresses.
Property type (single family, condo, etc.), bedrooms, bathrooms, square footage, lot size, and year built.
Form won't load or appears blank: refresh, check your internet connection, try another browser, clear the cache, temporarily disable browser extensions, then contact support if it persists.
Can't save the form: confirm all required fields (asterisks) are filled, look for red error messages, verify date formats and valid numbers in numerical fields, check the email format, then refresh and re-enter if needed.
Address not validating: check the spelling of the street name, verify the ZIP code, try a different format, remove extra spaces, use standard abbreviations, and override validation if allowed.
Dates showing incorrectly: verify the format (MM/DD/YYYY), use the date picker, don't type slashes if the system adds them, ensure a four-digit year, and check the timezone if relevant.
Agent dropdown empty or missing an agent: confirm the agent is active in the system, refresh, and contact your admin to add the agent or grant access (it may be a permissions issue).
Lead source not listed: choose the closest option or "Other", add a note specifying the actual source, and ask your admin to add a new source option.
Commission calculations seem wrong: verify the percentage, check whether it expects a decimal (0.03) or whole number (3), confirm the purchase price, look for field instructions, calculate manually to verify, then contact support if still incorrect.
Can I save a partially completed form? It depends on the system. Look for a "Save Draft" option; if there isn't one, all required fields must be completed before saving.
Can I edit the contract after creating it? Yes, use the pencil icon in the Active Contracts view to edit any information.
What if I don't know the closing date yet? Enter your best estimate and update it later. Use typical timeframes (30-45 days) as a guide.
Do I need to attach the actual contract document? Check for a document upload feature. If available, it's best practice to attach the signed contract.
What if I select the wrong representation type? Edit the contract immediately with the pencil icon and correct it. This is critical for proper disclosures.
Can I create a contract for another agent? It depends on permissions. You may be able to assign it to another agent, or they may need to create their own.
What if the property is new construction with no official address yet? Use the lot number, subdivision name, or builder's address format, add the complete address in notes, and update when the official address is assigned.
How do I handle dual-sided transactions? Select "Both Representation" (dual agency: you represent both buyer and seller).
What if my commission structure is unusual? Enter what you can in the standard fields and provide complete details in the Notes section.
Do I create a new contract for addendums or changes? No, edit the existing contract to update dates, price, or other changed terms so the record reflects current status.
What if we go under contract but haven't closed yet? That's exactly when to create the record: when you go under contract, not when you close.
Can I bulk import multiple contracts? Check with support about bulk import. Typically contracts are entered individually as they're signed.
