TRANSACTION COORDINATOR
Let our real estate transaction coordinators ensure smooth & timely transactions for all of your real estate client deals – from contract to close and everything in between!
A Transaction Coordinator is a real estate professional who manages all the paperwork and deadlines involved in a real estate transaction. They’re trained in every step of the selling process and tasked with monitoring progress from the time the seller accepts an offer through the steps involved in close of escrow.
The primary role of the Transaction Coordinator is to ensure a smooth transaction of all client deals from contract to closing. Working closely with all parties in each transaction, they assist in providing useful & detailed information and action plans, process contractual documents and disclosures, watch deadlines, order and coordinate inspections.
Your Transaction Coordinator will also assist you in processing the real estate file, gathering information and following up of the contractual items, as well as assembling the final broker file for each real estate transaction.
Our Transaction Coordinators are an asset that helps your team become more effective by gathering necessary signatures, paperwork & following up on contract terms to make sure every transaction closes on time.
Let us take charge of your deal pipeline and handle all aspects of your transaction. Ensuring escrow has all needed items, lender follow-ups, gathering documentation for contingencies, call to clients, documentation review and your internal reporting will be handled with the care that only Virtuleverage can provide.
The National Association Of REALTORS® reports that it takes 45 hours to close a transaction. According to surveys, Real Estate agents spend at least 60 percent of their time in the office and only get to spend time offsite at showings, etc. at least an hour a day. How much time are you spending on your transaction coordination?
Cut down the time you spend on each transaction from 45 hours to only 15! Paperwork is a problem for many agents. It’s time consuming and it takes someone who is detail oriented and focused to ensure that everything is done correctly.
Our virtual transaction coordinators are detail oriented, and meticulously organized to help your team stay on track with your deals. Just imagine what you can do with the extra 30 hours they save you!
- Open escrow.
- Coordinate buyer, seller, escrow & third party communications.
- Review purchase agreement for completeness.
- Ensure the buyer’s earnest money deposit is in escrow on time.
- Make sure the buyer’s earnest money deposit is subject to forfeiture if the buyer fails to perform.
- Review the escrow instructions for errors.
- Verification of necessary signatures, initials and addenda on contracts.
- Complete commission disbursement forms.
- Draft the Seller’s Disclosure Packet.
- Draft addendums.
- 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.
- Regularly update & maintain communication with clients, agents, title officer, lender etc.
- 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 are completed
- Create a complete file for the client, typically in electronic format, to help with IRS filings.
- Provide weekly summaries with the status of each transaction and deadlines.
- Coordinate title/escrow, mortgage loan, and appraisal processes.
- Coordinate inspections, assist in repair negotiations and coordinate the completion of repairs.
- Submit all necessary documentation to the office broker for file compliance.
- Coordinate moving/possession schedules.
- Schedule, coordinate & attend closing process.
- Input all client information into the client database system.
