Form-of-the-Week:

Transaction Coordination Sheets for the Seller’s and Buyer’s Agent — Form 521 and 521-1

The delegation of administrative sales tasks

The administrative tasks of tracking and performing activities and clearing conditions arising out of employment (listing) and sales agreements mitigate the risks of an agent overlooking documents or scheduled events in the management of negotiations and transactions.

To streamline these mostly routine tasks, a transaction coordinator (TC) may be employed to act as an administrative assistant to prepare or gather the paperwork for marketing or reviewing a listed property and closing a sales transaction.

TC is an individual who assists an agent or broker in processing documents, agreements and disclosures regarding the marketing and sale or acquisition of a parcel of real estate. A TC may or may not be licensed by the California Bureau of Real Estate (CalBRE), and is employed to assist a seller’s agent or a buyer’s agent. Their fee is to be paid by the broker employing the agent, whether disbursed from the broker’s or agent’s share of the fees earned.

The TC monitors each stage of a transaction and processes the administrative tasks involved. A TC does not interact with clients and principals in explanations or negotiations — they assist the agent(s) in transactions they coordinate, functioning as a back-office administrator to prepare, deliver and receive items related to an employment or sales transaction arranged or negotiated by the agent.

Editor’s note — When the member of a team in charge of coordinating the transaction is licensed by the CalBRE, they may engage in licensed activity such as negotiating on behalf of transaction participants.

When managing an agent’s file on a listing or sale/acquisition, the TC deals with several critical administrative tasks, such as:

  • receiving and verifying all documents and addenda are signed or initialed by all necessary transaction participants;
  • confirming agreement addenda and property disclosures are referenced in the purchase agreement and, to the extent necessary, in escrow instructions;
  • delivering copies of relevant transactional documents to other transaction agents and the buyer, seller and lender;
  • confirming broker fee arrangements and disbursement instructions;
  • coordinating activities between the title company, escrow, appraiser, lender or other third-party service providers;
  • obtaining copies of the preliminary title search report and updates;
  • maintaining client contact information, property condition statements and property photos;
  • ensuring records are maintained as required by the agent’s employing broker;
  • sending performance deadline reminders and periodically updating participants on the status of the transaction;
  • following up as calendared with the escrow company, lender or other agents to the transaction;
  • when working for a seller’s agent, entering and updating the status of the listing on the multiple listing service (MLS) and sending notices to remove the lock box and sales sign; and
  • disbursing and replenishing FARMing flyers on the agent’s behalf.

Related reading:

Marketing and closing efficiently with a transaction coordinator

Use of checklists for items to be considered
Seller’s agent transaction coordination sheet
Buyer’s agent transaction coordination sheet
Navigating the transaction — from start to finish

521-1

521-1-1