Well, the best way that we recommend is by hiring a TC – a Transaction Coordinator. Now, what is a TC, and what does a TC do?
The transaction coordinator is not an administrative assistant but it is a more specialized role. TC covers the real estate paperwork for each real estate transaction, from the contract to the closing. However, many agents will hire TC to cover paperwork from listing to contract, depending on their needs. With the inclusion of a fantastic transaction coordinator, you have more time to focus on the next sale instead of worrying about the paperwork falling through the cracks. Your first assistant (now your marketing/admin manager) can help you organize and coordinate tasks related to the listing. While your transaction coordinator makes sure you complete the paperwork and meet the transactions deadlines.
Responsibilities of a Transaction Coordinator
Following are the responsibilities of a transaction coordinator:
A real estate transaction coordinator receives an approved purchase agreement from the agent, opens the escrow, supplies the escrow or title officer with all the required information to start the process of maintaining the file. The transaction coordinator arranges for pickup of the first deposit money. Moreover, the real estate transaction coordinator sends the cooperating agent any necessary disclosures required by law.
Time Frames and Deadlines
Transaction coordinators are responsible for creating schedules for important dates, such as deadlines for the loan and inspection contingency removals. A few days before the deadline, the real estate transaction coordinator will call or send an email to a real estate agent, so that all responsibilities are fulfilled. Sometimes, the Real Estate Transaction Coordinator requests a natural hazard disclosure statement on behalf of the seller or schedules the home inspection of the buyer.
Administrative work is a large part of the work of the real estate transaction coordinator. Duties include maintaining the file to complete all the mandatory disclosures and sent to the broker or cooperating agent for customer review and approval. When real estate transaction coordinator receives each document by mail, fax or email, he verifies all initials, signatures, and dates before marking and filing complete data. In addition, the real estate transaction coordinator calls agents and other parties to remind them of missing documents.
Some of the real estate transaction coordinators produce marketing for agents, such as “Just sold” postcards or monthly newsletters. Other real estate transaction coordinators have licensed agents who can help the agent renegotiate the terms after the pest test has revealed the wood rot damage that needs to be fixed before financing the loan.
Transaction coordinators make sure smooth and effective management of the necessary steps to close the sale. The client or agent often relies on the real estate transaction coordinator to monitor and evaluate the progress of the sale until important deadlines and contingencies are released. In addition, the real estate transaction coordinator provides a preliminary audit of the file so that the managing broker can review it.
How Transaction Coordinator Can Help You Out?
Unless you love doing real estate paperwork, you presumably have better things to do than worrying about the paperwork. If you miss something or you fail to complete the paperwork correctly, your deal could fall apart, resulting in problems.
The Transaction Coordinator dramatically reduces the stress associated with selling a property by:
- Making sure everything stays on track throughout the selling process
- Providing help so that you can move quickly and seamlessly through the escrow and closing process
- Efficiently and quickly and managing all issues that may arise with buyers, paperwork or any outside parties
- Acting as one point of contact to answer any questions you might have throughout the sale
If you do not want to waste time on all the Real Estate Paperwork in Minnesota, then TwinCitiesTC is the best option for you. As everything we do is for helping you close your transaction. Would you instead visit clients and sell real estate or sit glued to a desk doing paperwork? Real estate agents can count on us to provide effective, efficient, and reliable transaction management services on their behalf.
We are an excellent option for Real Estate Paperwork in Minnesota because we always follow Minnesota state guideline requirements. Moreover, we include any additional disclosures required by either your broker, county, or city the transaction is being performed in. We are brilliant at handling all the real estate paperwork.