Contract To Close Services
There are many tasks handled by your real estate transaction manager or coordinator. Most are designed to keep the agent organized and to help them free up their time to do other tasks such as showing homes, finding new clients and anything else they desire or find the need for. Below is a list of the top tasks a transaction coordinator handles for most agents during a Contract to Close Service.
- Sends Introduction Email to connect all parties and introduce transaction coordinator as part of your team
- Gathers the contact information for all parties involved and creates a timeline of deadlines for the agent.
- Ensures there is a fully executed contract with proper dates, signatures, and initialed addendums. Follow up with necessary parties if missing signatures.
- Send disclosure packages and ensure signatures from all parties of the contract.
- Facilitate delivery of Required Earnest Money
- Prepare Amendments with your provided verbiage
- Ensure all parties (lender, title, attorney, co-broker) receive any and all amendments.
- Keep everyone informed during the transaction of all dates, milestones, and contingencies.
- Provide reminders as needed to ensure all contingencies are met (e.g: earnest money submission).
- Communication and distributing documents with title company and lender: Title Docs, Improvement Location Certificate (ILC), Schedule Closing, Amendments, CD, etc.
- Receive HOA information (as needed) and make sure buyer receives CC&R’s
- Follow up on all repairs conducted after inspection to secure receipts
- Monitor appraisal date and successful completion of report.
- Schedule Final Walk through with buyers/buyers agent
- Schedule and confirm closing/signing appointment with all parties
- Brokerage Compliance: Add documents, dates, and request CDA in broker’s back office software system.
- Submit all final documents to parties – electronically
- Send congratulations and thank you’s to all parties
- Ongoing Lender follow-ups: Weekly, Appraisal, Clear to Close, CD.
As you may notice, transaction coordinators and managers do quite a bit of work for the real estate agent. It might seem as though an agent can handle these small tasks on their own, because they usually can and should be able to! It is when an agent has multiple listings, multiple offers to be made, multiple clients they are showing properties to, and of course when they are handling more than one contract that’s made it to escrow. This is where having someone keep you on track is incredibly helpful! That is where the skills of an organizer come into play and really help out an agent. Now you know the basics of what transaction coordinators and managers do while they are handling real estate transactions. Try us today!