A Transaction Coordinator is a real estate professional who manages all the paperwork and deadlines involved in a real estate transaction. They are trained in every step of the selling process and are tasked with monitoring progress from the time the seller accepts an offer through the close of escrow. Transaction coordinator DOES NOT negotiate terms on the contracts and only performs duties after a Residential Sales Contract has been executed by all parties involved.
A Transaction Coordinator will dramatically reduce the stress associated with selling a property by:
- Ensuring everything stays on track throughout the selling process
- Helping you move quickly and seamlessly through the escrow and closing process
- Quickly and efficiently managing any issues that arise with buyers, paperwork or outside parties
- Acting as a point of contact to address any questions you have throughout the sale
22 Things a Transaction Coordinator Manages That You Won't Have To:
- Open Escrow.
- Liaise between the seller, buyer, escrow, agents and various third parties.
- Review the purchase agreement for completeness.
- Ensure the buyer's earnest money deposit is in escrow on time or provide the right paperwork to demand it.
- Make sure the buyer's earnest money deposit is safe if the buyer fails to perform.
- Review the escrow instructions for errors.
- Coordinate home inspection and report.
- Coordinate title services and survey.
- Shop Insurance policy to insure proper Debt to Income to close file on time.
- confirm that Seller's and Buyer's Disclosure Form and Pre-HUD are clear of errors.
- Draft addendum's and other required paperwork.
- Monitor deadlines during the contingency period and provide a demand notice to the Seller/buyer if timing isn't met.
- Ensure the loan contingency removal is tracking on time.
- Ensure the loan underwriter has the various certificates and clearances needed.
- Obtain the contingency removal form by the contingency removal date or serve the seller/buyer a Notice to Perform
- Deal with the Request of Repair process or waivers.
- Obtain other waivers where applicable.
- Coordinate the final walk-through.
- Document communications among the parties.
- Audit the file prior to close of escrow to ensure all paperwork is complete.
- Ensure tax withholding exemptions, such as Foreign Investment in Real Property Tax Act (FIRPTA) are completed.
- Create a complete file for the client, typically in electronic format, which will help with your IRS filings the following April.
Transaction Coordinating Services - $295/Per File (Paid at Closing) (No Closing, No Charge)