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Transaction coordinator checklist

If you’ve ever wanted to see a checklist of everything a transaction coordinator can do for you, this post is written for you. Below you’ll find a comprehensive transaction coordinator checklist that shows everything your Close Concierge TC can do for you. 

First we’ll talk briefly about why TC services are helpful, and then dive into the checklist of tasks we do for the buyer and seller side of transactions. We’ll talk about how our TCs can help for dual-agency transactions and offer a glimpse into how our client onboarding process works. We’ll close with a few compelling reasons why you should choose Close Concierge as your transaction coordinator service. Read on to find out more!

Why Use a Transaction Coordinator Service?

There are several benefits to having a transaction coordinator. A skillful TC can save you time, reduce your liability, increase your customer satisfaction rates and keep track of all your deadlines and details. 

Close Concierge saves you time

Instead of spending time and effort scheduling inspections, you can do more client-facing work. You can focus on what you do best (closing sales) while your transaction coordinator saves up to 12 hours per transaction doing the tedious jobs for you. 

Close Concierge reduces your liability

Our TCs are diligent and will look over every aspect of your transaction. What does this mean for you? Zero errors and omissions! Let your concierge handle the paperwork and reap the benefits! Many insurance agencies offer insurance with lower premiums to real estate brokers who use standardized transaction processes. 

Greater Customer Satisfaction

One of the best benefits of a transaction coordinator is that they are available to provide detailed responses to your client’s questions. A great transaction coordinator is able to make you look good, securing repeat business, customer loyalty, referrals and greater customer satisfaction.

Keeping your deadlines on track

A lot goes into a real estate transaction, and if being a people person (not necessarily a detail-oriented person) is your strong suit, it can be overwhelming. The great thing about transaction coordinators is that they can provide all the attention to detail required without needing to do it yourself. The transaction coordinator will keep clauses, timelines, and deadlines top of mind so that you can spend your efforts on other things. 

Tasks We Do for the Seller Side

Your concierge can help out so much with the seller side of the transaction. From the contract intake process all the way to closing, we’ll be by your side. We’ll help with the tasks you’d rather not do so that you can enjoy more client-facing work (and close more deals)! Here are some examples of work that your dedicated TC can handle for you. 

Contract intake

During the contract intake process, we’ll:

  • Check the purchase and sale agreement to make sure that all the addendas are attached, completed, and signed
  • Ensure that disclosures are attached and signed
  • Request any missing documents or signatures from all parties involved
  • Upload all the required documents to the broker compliance file
  • Obtain the title and send the buyer and listing agent a copy of the preliminary title report
  • Add all contingencies and deadline dates to the calendar and set up reminders for each one to ensure that no due dates are missed
  • Verify that all the necessary documents are complete
  • Send the executed purchase agreement documents to escrow and the buyer’s lender
  • Send the introduction email to all parties with the contingency and deadline dates
  • Send a personalized email to the seller introducing themselves as part of your team (this email can include copies of documents, escrow and title info with the next steps) 
  • Confirm the earnest money deposit with the escrow company 
  • Get a copy of the receipt to send to the broker for compliance
  • Send a copy of this receipt to you for your records
  • Order a home warranty, if applicable

Lender financing

We can help with many tasks in the lender financing process as well. We can:

  • Add financing contingency dates from the buyer’s loan application to the calendar 
  • Introduce ourselves to the lender as your TC, requesting to be CC’d on all communications
  • Gather and send weekly email updates to ensure that the loan process is going smoothly 
  • Confirm the buyer’s pre-approval by providing a copy of the pre-approval document (if it’s not already included with the offer)
  • Verify that the buyer has applied for financing and that the appraisal has been ordered
  • Email all parties with an expected appraisal date
  • Verify that the appraisal came back at its expected value
  • Email all parties about the completion of the appraisal
  • Monitor the lender underwriting process through to the receipt of loan commitment
  • Monitor the loan approval process before the contingency date
  • Verify loan approval
  • Update you about the buyer’s loan approval
  • Verify that the documents were sent to escrow and send you lender updates at least once a week (if not more often) 

Inspection

During the inspection process, we’ll:

  • Add all of the inspection contingency dates to your calendar
  • Confirm the inspection date and time with the buyer’s agent
  • Confirm the inspection date with you and the seller (if applicable)
  • Obtain a final revision of the inspection contingency addendum and send it to broker compliance
  • Send the final addendums to the escrow agency
  • Add the final inspection contingency documents to broker compliance and your digital file
  • Track the repair requests and ensure they were completed to the buyer’s satisfaction
  • Collect all the receipts for work done and add those to the compliance file and your digital file

Escrow and Closing

On the seller’s side, we’ll:

  • Note the closing date on the calendar
  • Ensure that escrow has received the final copies of the P&S agreement along with all the disclosures.
  • Make sure that the escrow company has received all the copies of the changed addendums and confirm with escrow that the buyer’s loan documents were received from the lender
  • Confirm that the signing appointments have been set up for both the buyer and seller
  • Send escrow the receipts for the work orders
  • Confirm the completion of the signing appointments and that closing and funding will happen by the closing date
  • Update you and the seller that the closing is official
  • Schedule the final walkthrough and the key and garage door opener transfers to the buyer 
  • Send the final closing documents to the seller, broker compliance, and to your digital file, adding all transaction notes and emails to your file and broker compliance (if applicable) 

Tasks We Do for the Buyer Side

On the buyer’s side, there is still plenty to do. We can help you with contract intake, lender financing, inspection, escrow, and closing. Our TCs are more than happy to assist you with any of the below tasks, making your life that much easier while ensuring your clients’ happiness. They’ll love the communication of your team and you’ll love not needing to deal with all the tedium of the transaction process!

Contract intake

On the buyer’s side of contract intake, we:

  • Check the purchase and sale agreement, ensuring that all the addenda are attached, completed and signed
  • Make sure all the disclosures are attached and signed
  • Request any missing documents or signatures from parties
  • Upload the required documents to your digital file and your broker compliance file
  • Get the contract from the title company and send yours and the buyer’s copy of the preliminary title report
  • Mark the calendar with all contingencies and deadlines, setting up reminders for each to ensure that they’re not missed
  • Confirm and verify with you that all documents are completed
  • Send the executed documents to escrow and the buyer’s lender
  • Send an introductory email to all parties with contingency and deadline dates
  • Send a personalized email to the buyer introducing yourself as part of your team (this email will include copies of all documents, along with escrow and title instructions)
  • Confirm your buyer’s earnest money deposit with escrow and get a copy of the EMD receipt to add to broker compliance and to your digital file
  • If needed, order a home warranty 

Lender financing

For lender financing, your TC can: 

  • Add financing contingency dates on the purchase contract and loan application, with reminders set so no deadlines are missed
  • Introduce themselves to the lender as part of your team and ask to be CC’d on all communications
  • Collect weekly email updates to make sure the loan will close on time
  • Confirm the buyer’s pre-approval with a copy of the document (if it’s not included in the offer) 
  • Send the executed Purchase and Sale Agreements to the lender
  • Verify that the buyer’s applied for a loan and that the lender appraisal has been ordered
  • Make sure the appraisal came back at value and email all parties with the expected appraisal date and when the appraisal is completed
  • Monitor the lender’s underwriting process through receipt of the loan commitment
  • Monitor the buyer’s loan approval before the contingency date anderify their loan approval
  • Update you about the buyer’s loan approval and make sure all the docs are sent to escrow
  • Confirm the escrow signing appointment with the buyer and with you
  • Ensure that the buyer knows exactly how much to bring or wire to escrow
  • Update you weekly with news on how the process is going

Inspection

During the inspection process, a TC on the buyer’s side can:

  • Calendar inspection contingency dates
  • Schedule inspections (if applicable)
  • Confirm the date and time for the inspection with the buyers
  • Confirm the date with the listing agent and seller (if applicable)
  • Add the inspection reports to your digital file
  • Get the final revision of the inspection contingency addendum and send it to broker compliance
  • Send the final inspection addendums to escrow
  • Add the final inspection contingency docs to broker compliance
  • Track repair requests and gather all the receipts for work before adding them to the compliance file and an email to the buyer

Escrow and Closing

During this period, your concierge can:

  • Add the closing date to your calendar (and set necessary reminders)
  • Ensure that escrow has received the final copies of the Purchase and Sale Agreement and disclosures
  • Ensure that escrow received all the copies of the changed addendums
  • Confirm with escrow that the buyer’s loan documents were received from the lender 
  • Make sure that buyer and seller signing appointments were set up
  • Send escrow all the receipts for work orders
  • Make sure that buyer and seller signing appointments were completed
  • Verify that closing and funding happened the day of closing
  • Update you and the buyer when closing has occurred
  • Schedule the final walkthrough
  • Schedule the key and garage door opener transfers to the buyer
  • Send the final closing documents to the buyer, broker compliance, and your digital file

Don’t Forget: We Can Do Both!

For dual-agency transactions, we can take care of both sides to ensure that you’re saving time and energy in addition to money. Don’t forget: Close Concierge charges a flat fee, so we won’t price-gouge you if you’re handling dual-agency transactions like other TC companies might. If you handle a lot of transactions per month because you’re a top-performing agent, Close Concierge is the logical choice. We’re more cost-effective overall and more reliable because we treat our employees very well. 

How Our Client Onboarding Process Looks

Our client onboarding process deals with two forms: the client onboarding form and the contract intake form. The client onboarding form only needs to be filled out once, but the contract intake form will need to be filled out for each contract. 

Our client onboarding form

The client onboarding form asks you about: 

  • Broker compliance requirements
  • Your communication preferences
  • Your preferred vendors
  • Your scheduling preferences

Trust Close Concierge with Your Transactions

We hope this real estate transaction coordinator checklist has been helpful to you. As you can see, there are numerous tasks that we can take care of. In fact, one of the first things we’ll do is create a timeline for each contract’s transaction coordinator checklist, keeping in mind the appropriate broker, state, and national compliance policies so your paperwork will be flawless. Schedule a demo to learn more about how we can help you!

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