Benefits of Transaction Coordinator
BUYERS SIDE
- Upload buyer's Rep Agreement and all Broker required forms
- Submit all executed contracts, counter-proposals, and amendment extensions (if applicable) to lender
- Arrange EMO pick up/remind the buyer to wire as necessary
- Upload all forms, amendments, and addendums for compliance
- Follow up on repairs and receipts
- Provide utility contact info and remind buyer to transfer utilities
- Coordinate Key transfer
- Coordinate Closing Gift per agent instructions. (if needed)
SELLERS SIDE
- Listing Agreement and all Broker required forms
- Follow-up signatures of all documents
- Upload all forms, amendments, and addendums for compliance
- Follow up on repairs and receipts
- MLS Data input to pending inspection, pending, & closed
- Coordinate Closing Gift per agent instructions. (if needed)
- Order For sale sign down
AGENT EXPECTATIONS DURING TRANSACTION
- Review escrow Instructions and settlement statements
- Review preliminary title reports
- Negotiate repairs and/or any changes in contract
- Advise the client of any contingency timeline removals (we will remind all parties of the dates and timeframes in the introductory email)
- If TC is drafting documents, the agent will review before being sent to client (if applicable)
Duties on both seller and buyer side
- Handle closing documents, securely
- Keep everyone informed- An introduction email will be sent providing datelines and a copy of the executed contract to Listing Agent, Buyers Agent, Buyer/Seller - (Your client as appropriate) Lender, and Title Company
- Ensure everything is fully executed with proper dates, initials, signatures, broker information is completed and reach out for corrections as necessary and monitor compliance with the contract Submit all required under contract documents to compliance within 48 hours of execution
- Send/request disclosure packages and gather signaturesEnsure the Lender, Title Company, and Broker receive any amendments or changes to the contract
- Contact title company for a copy of the EM check receipt and email receipt to co-op agent and include in compliance file
- Keeping in contact with the title company and lender throughout the transaction. Provide agent email updates on the status of the transaction
- Update deadlines from amend-extends
- Collect HOA documents in accordance with deadlines and email to buyer agent (if on list side) or to buyer (if on buyer side)
- Order Home Warranty per contract
- Coordinate and monitor status of buyers loan with Loan Officer
- Confirm inspection has been set up in accordance with offer deadline
- Monitor appraisal timeline and completion with lender
- Remind agent to draft Commission Disp request. If TC is completing
- CDA request, form MUST BE approved by agent before submitting to escrow and compliance
- Check-in with the Lender regarding the appraisal and any work orders or appraised value issues
- Ensure represented client is provided a copy of all documents
- Upload all disclosures, documents, and reports into agents online transaction management service as they are received or fully executed throughout the transaction. (if applicable)
- Provide access to transaction coordinator's transaction management service 24/7 to all parties to the transaction (if applicable)
- Maintain constant contact with all parties involved for status updatesas well as outstanding items
- Coordinate and confirm final walk-through
- Schedule closing appointment for client and agent if applicable
- Confirm closing date and time has been set up with the seller, buyer, agent and co-op agent in a timely manner
- Confirm final recording and alert agents
- Conduct a final audit of file 7 days prior to closing to ensure all documents are uploaded and the file is complete
- Upload Final HUD/ CD to online transaction management service for agent compliance
