Who can hire a transaction coordinator?
The good news: Anyone can hire a transaction coordinator – A newly licensed agent, a top agent, or a homeowner selling FSBO. If you have a transaction to coordinate, hire away!
The bad news: Well, there really isn’t any.
The nitty gritty
What exactly does a transaction coordinator do? In true Type-A personality fashion, let’s make a checklist.
Build a transaction management file
This is where everything to do with the sale will be kept. Some transaction coordinators use software that you can login to also and see everything that is going on with your sale, in real time.
Open Escrow
Deliver the buyers earnest money to the title company, obtain your escrow number and find out the name of your assigned escrow agent.
Act as the main contact
For pretty much anyone associated to your transaction, which is a pretty exhaustive list including some of the following: listing agent, seller, buyers agents, buyers, lenders, title companies, inspection companies, surveyors, home warranty companies, repairmen, contractors, attorneys, appraisers, insurance agents and home stagers.
Paperwork
A BIG one for sure. Your transaction coordinator will send documents for eSignature, organize them into the management file, review for compliance and completion, not to mention, hunt down the people who need to correct any of these items. Your coordinator is the master of documents such as the purchase agreement, escrow instructions, addenda, sellers disclosure, loan underwriter certificates and clearances, notice to perform, waivers, and exemptions.
Deadline management
Send out reminders to parties concerning earnest money, contingency periods, and contingency removal. Missing any of the deadlines stated in your monstrous purchase agreement, could spell catastrophe, resulting in loss of the deal or even a lawsuit.
Coordination services
Schedule open houses, showings, order home warranties, requests for repairs after inspection, and schedule the final walk-through and closing.
