What does the $395 fee cover?
We do the work so you can focus on your clients.
The $395 transaction fee charged to your client covers a variety of items. A transaction coordinator is there to provide support to buyers and sellers throughout the whole property contract process. They are there to make sure no detail of your closing goes untouched. They will make sure all documents have been turned in, have all signatures and all deadlines are reminded and met! They will also follow up to make sure closing is on schedule and all closing docs have been received to ensure a smooth transition.
If you have any questions throughout the sale, they are also your go-to point of contact.
Here’s a more detailed list of all the services they provide:
Point of Contact
Act as a Point of Communication Contact
They can help coordinate communication between the buyer, seller, escrow company, involved real estate agents, and other involved third parties.
Your transaction coordinator will also document all of this communication meticulously in our transaction management system. This way, if there is ever an error or miscommunication, you will have the detailed paper trail needed to find a good solution – fast.
Purchase Agreement Review
Your transaction coordinator can look over the purchase agreement and make sure that every “I” is dotted and every “T” is crossed. As this is a binding legal document, you really do want to make sure that everything is just as it should be before you sign it and turn it in.
Earnest Money Confirmations
Your transaction coordinator can also make sure that the buyer puts the money into the escrow account on time. Not only that, but they can double-check that is it also the correct amount.
Your transaction coordinator will keep a close on the deadlines during the contingency period and will follow up to make sure you don’t miss any deadline.
As contingencies are resolved and removed, the coordinator will make sure you stay on schedule towards the original closing date.
The transaction coordinator will partner with the loan underwriter to ensure that they have what is needed to get the loan to closing. They will follow up to see if anything is missing and help keep you in the loop if they are having trouble getting anything from the buyer.
Technology and Business
We also have all of the technology needed to ensure your file goes smoothly whether you choose to use our transaction coordinator or not. Our technology platform covers us virtually holding your documents in the cloud securely being backed up in four different areas in the country so whenever you need a copy, they are always available for you. We also store them for 3 years or more, per your state’s compliance.
With the click of a button, we can send any document needed to the buyer/seller or any parties requesting access. This also helps when it comes time for compliance review. Each document is easily accessible if requested.