September 23 2019
Having a transaction coordinator checklist is critical to a successful closing. And each of the checklists need to be customized by transaction side, market, and the role you play. You can create checklists in Excel, with pen and paper, or by using a transaction management program.
When you're on the listing side, there is more administrative work done prior to going under contract. Your to-do list will include, but is not limited to:
Here's an example: transaction coordinator checklist for selling.
The homebuyer side has much more to coordinate once you go under contract. These additional items include, but are not limited to:
If a lender and a mortgage is involved, there's also the documentation back and forth between the home buyer, agents, and title company.
Here's an example: transaction coordinator checklist for buying.
As the saying goes, "All real estate is local." States like Colorado require agents to use specific contracts and forms for every home sale in the state. However, in California, different cities have different forms. These contracts and forms dictate the deadlines and milestones of every home sale transaction. You'll want to make sure the transaction coordinator checklist you use is customized for your market.
As we've touched on, real estate transaction management tasks vary based on the your role in a transaction. A few of the roles that are typically involved are the buyer, seller, buyer's agent, listing agent, transaction coordinator, lender, and title agent. The example checklists provided above are for the role of transaction coordinator, but they can be far more complex for lenders and title agents. However, they can be slightly less complicated if you're a DIY, homebuyer, or home owner that's attempting a for sale by owner.
Not a transaction coordinator? You'll need to decide if you want a checklist or a transaction coordinator. Remember, a checklist is only good if you adhere to it. A highly-experienced transaction coordinator can drive the checklist. Transaction coordinators ensure every loose end is tied up – making it a smooth and seamless closing.
To view the original article, visit the Transactly blog.