The transaction management process begins as soon as the contract has been ratified by both the seller(s) and buyer(s). We highly recommend our settlement services since there are countless ways for your settlement to go wrong. If you miss anything — a date, signature, deadline, document, etc. — you could be out of contract. Not following up with the title company, lender, contractors, and other parties could also result in the agreement falling through. This is why it is crucial to stay on top of the transaction every step of the way. Should you feel confident doing that yourself, great! However, we offer a transaction management service to make sure that nothing slips through your fingers and voids your contract. This settlement service requires an individual transaction coordinator, whose sole duty is to stay on top of the contract and to ensure completion and efficiency.
Transaction Management Service
The transaction coordinator will be in contact with you, the seller, from start to finish. After the initial introduction, the transaction coordinator will first verify proper execution of all contracts, and send copies to all parties, including the title company and lender. They will then compute a transaction summary sheet with all important information from the contract, such as home inspection deadlines, loan applications, and appraisals, and all other contingencies found within the contract. The transaction coordinator is also responsible for following up with the buyer’s agent to ensure proper execution of all addenda.
Throughout the settlement process, your coordinator will communicate with the buyer’s agent, title company, and lender, while also following up on all inspections, closings, walk-throughs, and more. They will make sure the loan has been cleared to close, and that the lender has provided the buyer with all required forms and disclosures within the proper timeframe. Details such as transferring utilities and home insurance will be described to the seller via a Notice of Settlement. HOA and condominium docs are obtained as needed by the transaction coordinator and sent to the buyer’s agent. Lastly, our service will take care of removing the lockbox and signs, and updating the property’s status within the MLS.
With the involvement of multiple companies and their distinct requirements, it is a good idea to make sure all deadlines and duties are in the hands of a professional in order to avoid falling out of contract. However, as always, you may pick and choose those services which you believe to be most helpful!
*Item included in contract to close package