Transaction Coordination Process
Responsibilities of a Transaction Coordinator
A Transaction Coordinator is a person responsible for managing and monitoring the transaction process through interfacing with Real Estate professionals, clients, escrow companies and property management companies. A TC is responsible for maintaining escrow files and the production, coordination and processing of all information and documents pertaining to the sale and escrow of each home. A TC will often perform accounting-related, administrative and clerical duties, including setting home inspection appointments and assisting agents in communications and Client Relationship Management (CRM) duties like email campaigns, lead generation and capturing.
Tasks Involved in Coordinating a Transaction
- Communicate 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 subject to forfeiture if the buyer fails to perform.
- Review the escrow instructions for errors.
- Draft the Seller's Disclosure Packet (typically a half inch thick due to various state, local and federal laws).
- Draft addendums and other required paperwork.
- Monitor deadlines during the contingency period and provide a demand notice to the 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 buyer a Notice to Perform
- Deal with the Request for 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 y IRS filings the following April.
- Create and share summary sheets and other documents with all parties' contact information
- Make sure the buyer, seller, lender and agent are all looking at the same versions of the same contracts and other data, signing on all the dotted lines as needed
- Open escrow and title files, following up with these agents to ensure a smooth close
- Send out regular updates and reminders so all parties know exactly where the transaction stands and what needs to happen next
The Transaction Coordination Process
A Transaction Coordinator is a professional expediter, a sort of concierge for real estate deals. This person is an expert at managing the fine details that pass between all the major players of a transaction, from the initial title search to the final closing task.
This is the most priceless part of the whole process because " Time is of The Essence!" A deal can fall apart if things are completed by the deadline stated within the contract. If you are a busy agent, you may benefit from hiring or training someone to keep up with this part of your business.
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Watch the Tutorial Video
The Transaction Process - Viewing Time is 7:38 minutes.
Working with a Virtural Transaction Coordinator - Viewing Time is 55 minutes.
Contracts to Close & Working with Transaction Coordinators - Viewing Time is 1hour 31 minutes.
