Are you in need of a closing coordinator but don't know where to start? Say no more, I have included a list of items you should prepare in advance so the transition for both of you will be pain-free and less stressful.
- Job description - know in advance the segment of work you would like your coordinator to complete such as MLS changes, closings, moving cards, after closing maintenance, etc. Not all closing coordinators offer the same services.
- Task List - A task list is a list of step that you normally following once you receive a ratified contract on a project. Write down each step that you typically take from ratified to closing.
- Create a document checklist - The document checklist is a listing of ALL documents used during the closing process or the documents that must be submitted to the office.
- Your coordinator will expect certain documents when the file is sent for processing. Some of the basic forms include but is not limited to
- New Transaction Startup Form
- Transaction Contact Sheet
- Ratified Contract & Counter Offers (Full Copy)
- Addendums
- Buyer Pre-Approval Letter
- MLS Sheet and Tax Record
- If you would like your coordinator to only maintain monitor specific documents during the closing, let the coordinator know in advance. If documents are missing from the initial package, let your coordinator know upon submission, in writing.
- If you are a REO Broker/Agent, portal information will be needed so the documents are uploaded in a timely manner to the AM and closing specialist.
- Drips and Letters - If your coordinator has agreed to email reminders and additional documents on your behalf to you buyer or seller, this customized information must be provided in advance. This information may include
- Listing of home inspectors, utility companies, lenders, packing tip, moving checklist, title/escrow companies, movers, etc.
- Letters reminding the seller or buyer to complete certain tasks prior to closing.
- Transaction management program - If you intend to use an online transaction management program, do the research. Know what programs are available and know which program will match your business structure. Some coordinators will have a list of available programs, however, the ultimate purchasing decision is yours since all programs vary in price.
- Find out how payment is handled, business check, personal check, PayPal, etc.
Once you are in communication with a coordinator, expect to sign a closing service agreement and other documents, the type of documents vary among coordinators.
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