Congratulations! You have successfully closed one of your transactions and collected your commission check. Now comes the time when you are ready to file away all documents related to this transaction either in your literal filing cabinet or your virtual one here in Transaction Desk. So what do you do, do you "close" the transaction or "archive" the transaction?
First, when you mark a transaction as "closed" you're technically not doing anything with it other than changing the status for easy sorted viewing in your existing transactions list. That way you can sort all of your transactions by "open" or "closed" or both and quickly find your active files.
I suggest only changing the status of a transaction to "closed" if it is a dead transaction and has the possibility of coming back to life. (Example: one that has fallen thru or is only a backup offer). However, you really don't have to limit yourself to closing only these types of transactions. Remember it is just a way of sorting your transactions. Many Agents often choose to change the status of ALL of their completed (fallen thru or not) transactions to "closed" until the end of the year and then archive the ones that are truly closed for good.
Archiving a transaction just pulls all of the data from a transaction file and merges it into one clean PDF document package for long term storage/record keeping. You are basically pulling it out of the TD online system and putting it into long term storage on your computer hard drive (local disk) or external hard drive. In our office, we archive a transaction to our external hard drive with a file labeled "2007 Closed Files", once it is completely finished. The great thing about this system is that there is no right or wrong way to finalize your transaction files, it's all up to you and your Broker on how it should be completed. Now go spend that commission check!
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