What does a TC do when they receive a new executed contract?
One of the most commonly asked questions I get is, “What does a transaction coordinator (TC) do?”. To answer this, I’ve decided to make a quick series of posts breaking down what a TC does at each point in the real estate process. We will cover contract to close, pre-listing, post-inspection and everything else. Since this is the first post, let’s dive in at the beginning with “What does a TC do when they receive a new executed contract?”:
If you are an agent, you know that the first few days after you execute a contract are exciting and HECTIC. Running around to get checks, coordinate inspections, set realistic expectations with buyers/sellers, put out Just Sold signs, the list goes on and on. While you are out running around, there is a TON your TC can be taking care of on your behalf. Here’s an overview of my process:
Confirm receipt of the new contract and let the agent know I will get started!
Lightly review the contract and pull out key information such as sales price, parties to the contract, key dates and contact information
Distribute the executed contract and contract details to the title company, lender, other agent and client
Upload all documents to the agent’s compliance system
Do a deep review of the contract and update my file. On this review I like to read every inch of the contract and make applicable notes such as:
Are there any exclusions?
Who is responsible for delivering the survey & in what timeframe?
Are there any special provisions?
Is there an HOA? Does the buyer require delivery of HOA docs?
Are all signatures present?
Are there any documents that should be attached that are missing?
Schedule inspection/coordinate with inspector if needed
If working with a seller, update the MLS status
Verify any agent information, address, etc is correct on the contract
Reach out to applicable parties regarding any missing initials, signatures or documents
Coordinate and confirm receipt of option + earnest money checks
Agents/fellow TCs - would love to hear what you have on your immediate new contract checklist!! And if these sound like tasks you are too busy to do agents, it may be time to hire a TC.
