Simply put, a transaction coordinator (TC) checklist tells your TC exactly what to do step-by-step after receiving a file. Think of your TC checklist as not just a checklist but a system, one that reverse engineers the entire real estate transaction process to outline the specific tasks, documents and deadlines for all parties to stay on top of in order to successfully close the transaction.
Nothing will give you greater anxiety than wondering if you’ve sent the wrong thing at the wrong time or (gasp!) missed a crucial deadline. Before you can create a perfectly-ordered checklist covering all of the stages, dates, and documents required from contract to close, you need to specify the type of transactions you manage and coordinate.
If you are representing the seller, you’ll probably need to focus on pre-listing to close.
If your client is the buyer, you’ll need a checklist that kicks in once the house goes under contract.
You also need to know your specific role in each part of each type of transaction.
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.
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.
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.
This next step is critical. Once you identify the type of real estate transactions you’ll cover, you then need to map out the various stages of the transaction.
If you are managing Listings, you'll want to identify if any of these stages apply to your process:
Pre-listing appointment Prep
Pre-listing Home Inspection
Collect Information from Seller, including HOA info
Listing Agreement Signatures
Install Signage
Schedule photos
MLS Input
Digital Marketing Campaign
Offline Marketing Campaign
If you are managing the Contract to Close process, you'll want to identify if any of these stages apply to your real estate closing process:
Introductory Emails
Earnest Money Deposit Tracking
Mortgage
Appraisal Ordering
Closing
Home Inspection
Wood Destroying Insect Inspection
Survey
Home Insurance
Flood Insurance
Home Warranty
HOA
Repairs
Seller Move Out
Septic Inspection
Municipality Inspection
Radon Inspection
Well Inspection
Other Inspections
Utility Connection
Closing Emails
Compliance
If you are building a template from scratch, we recommend you interview an agent or broker to ask them about the stages they go through to see a deal to completion. Transaction coordinators do not often receive great training tools and expected to know what needs to get done. Take the time to be thorough and collect as much information as needed to feel comfortable with the stages.
Next, write down all the tasks that must happen before, during, and after each stage. Once that’s done, write down the dates and/or time period needed to complete each.
You should also list every document, deadline, communication requirement, and stakeholder required for each task.
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.