Once a TC receives a ratified purchase contract from an agent, they open the escrow, as well as supply the escrow or title officer with all the information needed to kickstart the process of managing the file. The TC then arranges for the pickup and delivery of the initial deposit money. Lastly, the TC also sends any important disclosures required by law to the cooperating agent.
Creating Timelines and Deadlines
A TC is responsible for creating timelines for important events such as the deadline for loan and inspection contingency removals. Part of a TCs job is to send an e-mail to the real estate agent a couple of days before a deadline (a call can also be made) to remind them – this ensures that all responsibilities are dealt with. Often times, the job of a TC includes ordering a natural hazard disclosure statement in the seller’s behalf. Also, they may schedule a home inspection for a potential buyer.
This forms the bulk of what a TC does. They are responsible for maintaining files as a way to ensure that mandatory disclosures are completed and sent to the agent or broker for review and approval by a client. For each document that is returned, a TC makes sure that all signatures and initials are present before a disclosure is marked as complete; after all of this is verified then they can file the document. Also, if any documents are missing, it is the duty of a TC to call the agent or other parties to inform them and make sure that they are sent.
Duties & Responsibilities
Basically, a real estate transaction coordinator serves as an in-between – they are liaisons between real estate agents, clients, escrow companies and mortgage brokers during a real estate transaction. TCs are often hired by real estate brokerages so that administrative tasks are managed more effectively.
There is no specific college degree needed to become a transaction coordinator. However, it does help to have a strong clerical or administrative background as most of your tasks revolve around the administrative side of things.
And of course, you need to have a complete understanding of how the real estate market works. These days, it’s not so hard to stay updated on what’s going on in the real estate industry. With the use of technology, you can keep up with both local and national trends. Also, learning how to use social media to promote your services and engage with others in the industry certainly helps. Be it through Twitter or LinkedIn, these networks can help you meet new clients and continue to learn more about the industry you’re working in.
Although you can still work as a TC even without a license, you can’t update the MLS to change the status of a listing. However, working as an in-house TC does give you this level of access. Other things you can’t do without a license include logging the escrow checks from buyers. The gist is this: if you want to offer full services, then it’s best to work on becoming a licensed assistant in the state where you intend to work.
There is no formal training needed to become a transaction coordinator.
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