A real estate transaction checklist is a valuable tool to keep track of the closing process — whether you’re managing the transaction yourself or using a transaction coordinator to do it for you.

Having a comprehensive real estate transaction coordinator checklist can help keep your deals on track and closings on time. 

Any experienced sales agent will tell you that managing a real estate transaction from listing to closing is no small feat. In fact, the process involves hundreds of tasks with strict deadlines and detailed legal requirements.

To help you better manage this process, in this article, we’ll explain the essential tasks that should be on every real estate transaction coordinator’s checklist.

So, let’s dive in!

The Real Estate Transaction Coordinator Checklist

The Real Estate Transaction Coordinator Checklist

Real estate sales can often border on the chaotic. Every deal has dozens of moving parts and pieces, and the timing of tasks is vital. 

When it comes to getting a sale closed, disorganized brokerages lose time searching for lost paperwork and missing deadlines. Often, delays and mistakes are the result of not having processes in place and trying to work without guidelines or a checklist.

Given the multitude of tasks and items involved in getting to closing, having a real estate transaction checklist will help you ensure a smooth and speedy closing process.

The checklist can be used as a primary resource for a real estate transaction coordinator (TA), a professional who specializes in closing real estate sales. 

Of course, this raises a question – what should be on a real estate transaction coordinator checklist? Let’s answer that question now.

1. Document Preparation 

Document collection and preparation are one of the first steps in getting a transaction closed. It’s assumed that a purchase agreement has been signed. But what other paperwork is required for a closing?

While the necessary documents may vary state by state, the following are typical for getting to closing:

  • Agency disclosure forms
  • Pre-approval letter
  • The agency contract – either a listing agreement or a buyer’s agency agreement
  • A seller disclosure form
  • The lead-based paint disclosure 

Having all the necessary documents in place will go a long way to ensuring a smooth and quick closing.

2. Real Estate Transaction Coordinator Checklist Step #2 – Title Work

real estate transaction coordinator checklist

Many states use title companies to conduct the actual closing. Additionally, there is also the need for a title search and securing a title insurance policy.

Therefore, the second step on the real estate transaction coordinator’s checklist is to send a copy of the purchase agreement and follow up with the title company immediately.

Further, you’ll want to note the name and contact information of the escrow officer or title company staff member handling your transaction.

Also, since the title company will organize and conduct the closing, you’ll want to touch base with them regularly throughout the process.

3. Contact the Mortgage Lender

real estate transaction coordinator checklist

Whether you are working with the seller or the buyer, you’ll want to contact the mortgage lender and introduce yourself personally.

During your initial conversation, you’ll want to cover the following details:

  • Confirm the pre-approval status
  • Inquire if the lender expects any issues or complications
  • Discuss the anticipated closing date
  • Make sure the appraisal is scheduled

In general, you’ll want to check in with the mortgage lender around once a week, offering your help and checking progress.

4. Schedule the Home Inspection

real estate transaction coordinator checklist

The fourth step on our real estate transaction coordinator checklist involves the home inspection.

If a home inspection has been placed as a contingency in the purchase contract, it will need to be scheduled. 

Ideally, you’ll want the buyer to be present at the inspection, so coordinating the schedules will be part of this task.

The time frame for most home inspections is typically limited to just a few days, so you’ll want to move fast on this.

The home inspection will generate a report. So, you’ll also need to coordinate a time for the agent to discuss the home inspection report with the buyers.

One last item related to the home inspection. Negotiating repairs may be necessary if the inspection turns up issues. You’ll want to consider this possibility when assessing the overall closing schedule.

5. Track the Appraisal

real estate transaction coordinator checklist

Most sales involving a mortgage require an independent appraisal. The lender wants confirmation that the property is really worth the proposed level of funding.

In many regions, the appraisal typically occurs 10 to 14 days after the signing of the purchase agreement.

The lender hires the appraiser, so it’s not one of the transaction coordinator’s tasks. However, the TA will still want to keep track of the progress of the appraisal. 

If the appraisal comes in at or over the sales price, the transaction will continue, moving on to closing. If the appraisal returns lower than the agreed-upon sales price, the price difference must be negotiated. 

Assuming mutually agreeable terms can be reached, the sale will proceed. However, the deal will likely fall apart if such terms cannot be agreed upon.

6. Follow-Up Contacts

real estate transaction coordinator checklist

Depending on the specifics of the sales contract, there may be a need for a survey or other inspections. 

Normally, however, when the appraisal is completed, processing the mortgage is all that’s left, which will take around a month in most regions.

Part of a TA’s duties listed on a thorough checklist will be regular follow-up contact with the mortgage lender to ensure everything remains on track. 

Another duty of the TA will be to keep the clients informed about the progress of all the steps, answer questions, and collect and share information.

7. Real Estate Transaction Coordinator Checklist Final Step – Schedule the Closing

real estate transaction coordinator checklist

When the closing is imminent, the mortgage lender will inform all the parties that they are “clear to close,” three of the happiest words in real estate.

At this stage, the TA contacts the title company and schedules a day and time for the closing.

Obviously, there will need to be coordination between attorneys (if required in the closing), the clients, the agents, and anyone else involved.

As you can see, reviewing the above steps on a real estate transaction coordinator checklist shows the many parts, pieces, and tasks involved in getting real estate transactions to closing.

Many agents attempt to handle all the above details themselves, but such tasks take time. And those hours could be better spent bringing on new clients and hunting down new transactions and deals.

Therefore, many brokerages and agents will hire a transaction coordinator to follow the checklist and ensure a speedy closing. For this reason, let’s conclude this article by explaining how you can hire your own real estate transaction coordinator. 

How to Hire a Virtual Real Estate Transaction Coordinator

Many top-producing real estate sales professionals hire a TA who follows a real estate transaction coordinator checklist.

AgentUp Real Estate Virtual Assistants
AgentUp Real Estate Virtual Assistants

Working with a virtual real estate transaction coordinator who follows the checklist saves many agents time and money.

Relying on virtual TAs has become popular in real estate and beyond. More than two-thirds of businesses have hired some form of virtual workers since 2021. Here’s why:

  • Typically, a virtual worker’s productivity is 4.4% higher than employees working in an office
  • 70% of businesses report that cost savings is the main reason for using remote workers
  • Companies often save as much as 78% of their operating costs by hiring virtual workers compared to in-house workers

AgentUp has carefully created highly skilled virtual teams in the Philippines for over a decade. 

We have well-trained and experienced virtual real estate transaction coordinators ready to work with you on your closings and other projects.

Our TAs truly understand the US real estate market and receive extensive training on how to be effective remotely. You’ll be pleasantly surprised how effective they are. Moreover, you’ll be pleased at how affordable their services can be.

So, talk to us. We’ll match you with the perfect real estate transaction coordinator for your business needs.

Schedule a free consultation to learn how our virtual transaction coordinators can ensure your deals close smoothly and quickly.

During our conversation, we’ll explain how the process works, how to set up the right TA for you, and the costs. We don’t believe in sales gimmicks and won’t pressure you, either.

So get in touch. You’ll be glad you did. 

Thanks for reading this article. We hope it helped you better understand the necessary parts of a real estate transaction coordinator checklist. 

Gregory Gronbacher

Real Estate Sales Agent / Professional Blogger

Gregory is a real estate sales agent and a state-certified instructor of real estate licensing and law. Originally from New York City, he's called Grand Rapids, Michigan home since 1995.

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