![]() If the buyer misses a payment, the seller could cancel the contract. A TC can confirm that the buyer puts earnest money into the escrow account on time, as well as their down payment, inspection fees, insurance and any other costs. This could be anything from a problem with financing to an inspection concern. If a problem comes up, the transaction coordinator will work with the agents, clients and other parties involved to find a solution. Find solutions to problems and provide support.You can’t receive funds before underwriting is complete, but a TC can make sure everything clears quickly. Salary ranges can vary widely depending on many important factors, including education, certifications, additional skills, the number of years you have spent in your profession. Your lender will verify your creditworthiness and financials for final approval of the loan in a process called underwriting. The average Real Estate Coordinator salary is 58,143 as of May 25, 2023, but the salary range typically falls between 52,312 and 65,328. If something is missing, they can alert the real estate agent who hired them. “Without a real estate license, a transaction coordinator is not permitted to review contracts with clients, but they can review the contract after everyone has signed everything to ensure that there are no missing initials or signatures or required addenda,” Rundlett says. Ensure compliance and document accuracy.“A transaction coordinator will help facilitate this and is well worth the cost.” “Many people don't realize the amount of work and the amount of coordination with various individuals that is needed to ensure that a transaction goes smoothly and closes on time,” Rundlett adds. The transaction coordinator will also arrange the final walkthrough and closing process and make sure everything is signed and meets everyone’s expectations. They can schedule the home inspection or property appraisal, communicate with the title company and order homeowners association resale packets, according to Rundlett. Handle communication and coordination.If a date is missed, the contract could be at risk of being voided or the client may lose their ability to negotiate something with a contingency, Rundlett says. A TC can monitor these dates and notify the agent if one is approaching. Another important time is the contingency period. ![]() This helps minimize delays and ensures that everyone will get to the closing table on time. They’ll make sure every party involved in the deal stays on track and keeps an eye on important dates, such as inspection periods, loan application deadlines and closing dates, Smykalov says. “By shouldering these responsibilities, a transaction coordinator allows real estate agents and brokers to focus on client relationships and the overall sales process.” “This includes managing paperwork, documentation and deadlines associated with the transaction,” says Denis Smykalov, broker and founder of Wolsen Real Estate in Miami. ![]() A TC will handle all administrative aspects of the deal.
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