If you’re selling property, expect to deal with a mountain of paperwork. That’s one of the most troublesome aspects of real estate transactions. To navigate through the process, though, you can hire a transaction coordinator to help you.
What are Transaction Coordinators?
Real estate transaction coordinators provide you with the support you need. They are a neutral third-party option that provides sellers with much-needed assistance throughout the entire transfer process. Whether it’s customer service or administrative tasks, they have the knowledge to ensure that everything goes off without a hitch. If you’re worried that you might miss a deadline or won’t know how to handle filling up and filing the right documents, TCs can help. They monitor the process until both parties have signed and the deal is closed. With their help, you won’t have to do much in terms of handling the paperwork. From negotiating the contract to handing over the keys to the buyer, you’ll have an easier time all around. They offer a wealth of situational knowledge that will save you time and money in the process.
How Do They Help You?
Transaction coordinators do more than handle the process for you. That, in itself, involves a lot of coordination work, administrative task, management, and more. Here’s a list of some of the duties they perform:
- Escrow Management. Transaction coordinators help you open escrow accounts. That’s where the buyer’s money goes. It’s safe place to keep the funds. You’ll receive the money once the closing process ends. Opening up these accounts can be a bit of a hassle. Your TC can take care of this for you, though, and can look after the money to make sure it stays put until it’s time to be released to you right on schedule.
- Communication Contact. Your transaction coordinator is literally the person who meets up with every part involved in the process—from the buyer and seller, the escrow company and involved real estate agents, right along with other third parties.
- Documentation Assistance. Transaction coordinators also document all the important communication. That means if there’s ever an error in one of the projects, your transaction coordinators can provide paperwork to prove that the other party was wrong. The detailed paper trail they keep also makes it easy to figure out where a problem might have occurred and to fix it.
- Agreement Review. Another one of the tasks that transaction coordinators handle is to review the purchase agreement to make sure the terms and conditions are favorable to you and the buyer. If there are any red flags, look elsewhere.
- Create the Disclosure Packet. This is the section that lets the buyer know of any drawbacks about the property. What are the potential hazards they need to know about?
- Monitor Deadlines. These coordinators can keep track of everything you need. They know deadlines and have contingency plans in place in case something goes wrong. With their help, you can stay on schedule.
How to Hire Them?
Hire seasoned pros. Look for a company that offers the services you need before you pick up the phone and call.
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