A Transaction Coordinator Checklist for real estate organizes all of the necessary legal documents, paperwork, and information for a transaction towards its closing.

Realtor® Magazine put together several ready-made transaction checklists. However, knowing why their items become important makes the entire transaction process understandable.


The Real Estate Transaction Process


The following describes how a Transaction Coordinator (TC) helps with the real estate transaction process and deals with the required documentation:


1) Identifying the Property and the Parties


Unless the property only consists of raw land (requiring a legal description) the full physical address information identifies it from all other properties.

The Multiple Listing Service (MLS) identification numbers should be included so the TC verifies the property as “sold” or “pending” in the MLS data system. If not, the TC (if authorized) changes the property’s status in the MLS database to reflect its current situation.

The Date of Sale along with the Target Closing Date sets forth the deadlines to complete the transaction.

The Seller(s) full names and contact information allows the TC to make contact for further information and details if needed.

The Buyer(s) full names and contact information lets the TC know how to contact him or her if necessary.


2) Essential Parties to a Real Estate Transaction


Besides the seller(s) and the buyer(s); essential professionals assisting in the transaction need to be identified along with their full contact information. These include the attorneys for both parties, the listing agent, the selling agent, buyer’s lender, and the closing (escrow) officer.

Unless a full cash purchase or fully seller financed, the name and contact information of the buyer’s Lender is essential for the TC.

The property’s Appraiser needs to be identified along with full contact information in case any discrepancies arise or further information needed.  

The Title Insurance Company name, the name of the individual contact person, and full contact information provides the TC a way to inquire about the title insurance policy and answers to any questions about it.

The Home Inspector issues a report which the TC needs to review before closing. Therefore, the home inspection company’s name and contact information must be provided to the TC along with the date of the inspection and a copy of the report.

Other Property Inspections requires the TC to obtain the company’s name, inspector’s name, type of inspection, date performed, along with full contact information. A copy of the final report also required.


3) Seller’s Listing Agent Information


A copy of the Listing Agreement and Agency Disclosure so the TC knows what authority the listing agent acts during the transaction.

A copy of an Authorization to Exclude if the listing not entered into the MLS data system within the required time.

Copy of Seller’s Disclosures so the TC prepares a Buyer’s Disclosure Packet for buyer’s signature.


4) Selling Agent Information


A copy of the Purchase Contract so the TC knows all of its terms and conditions.

Copy of any Counter Offers and Addendum to the Purchase Contract.

Agency Disclosures for both the buyer and the seller so the TC knows what authority the selling agent acts under.

Initial Deposit Check for the Escrow Company so the TC arranges delivery to or pickup from the escrow company.

Copy of the Disclosure Package and Report from the listing agent. If required actions or follow-up needed, the TC knows how to act.

Information regarding any inspections and reports ordered and received from the selling agent including home warranty and home inspections.


5) TC Coordinates with Escrow Company


TC contacts the escrow company to order a Prelim and arrange deposit check pickup.

Coordinates with the escrow company ensuring receipt of all required documents, forms, and other paperwork.

Receives requests from the escrow company to locate missing documents.

Obtains required signatures from the buyer and seller for any escrow instructions, disclosures, etc. required by the escrow company.

Finally, coordinates the closing with the escrow company to make sure each required party signs every form like the Settlement Statement before the closing.


The Role of the TC


In essence, the TC helps the transaction closing process. The TC obtains all legal documents, disclosures, inspection reports, forms, and other required paperwork. Then, the TC reads them to verify that everything corresponds with the legal requirements.

Real estate agents often feel overwhelmed by the amount of paperwork involved with a real estate transaction. Escrow companies require all of the legal documents, forms, disclosures, inspection reports, title insurance, and other paperwork. However, escrow companies typically do not chase all of them down. That leaves it up to the selling agent to obtain and pass on the required paperwork.

An easier life for selling agents by hiring a professional TC to perform all of these functions.

This way, selling agents focus on finding leads and prospects. After all, real estate agents are trained to be good salespersons and not paper chasers. Leave all of that to a TC so you just give listing presentations, find and preview properties with buyers, do social media marketing, attend open houses, and network to find more clients.  

List and sell real estate, market your professional services, and make money while leaving the paperwork chores to a professional like the TC.

A Transaction Coordinator Checklist for real estate provides agents with a diagram of how a transaction successfully closes.

Now you know why using a TC helps real estate agents to make money.

Steven Rich, MBA – Guest Blogger



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Transaction Monster – Real Estate Transaction Coordinating Company