Having a completed file is vital to a successful closing. Asking your clients to re-sign documents because you’re missing signatures on forms after closing can be embarrassing and appear unprofessional. You can avoid much of this by using a transaction coordination sheet. [See first tuesday Forms 521 & 521-1]

A transaction coordination sheet provides you with a checklist of documents and deadlines necessary for a complete file. Think of it as your step-by-step guide to closing the deal.

A transaction coordination sheet should include:

  • subject property information;
  • your client’s name and contact information;
  • the cooperating real estate agent’s and broker’s information;
  • contact information for third party service providers (i.e. escrow, title, lender, inspectors, home warranty, etc.);
  • a detailed itemization of all forms, documents and disclosures required along with deadlines for delivery and signatures; and
  • detailed time frames and deadlines for due diligence and contingency removals.

Keeping an orderly transaction coordination sheet also allows you to provide your clients with the information they need to meet their obligations by their contractual deadlines. Giving your clients weekly status reports based on this checklist shows that you are organized and professional.

In many offices today, the duty of keeping an orderly file is given to a transaction coordinator (TC). TCs assume the responsibility of gathering all information and paperwork, and following up on the contractual items. Meeting with your TC on a weekly basis to review the file also keeps you in control of your transaction while freeing up your valuable time to do what you do best – sell real estate!

So whether you use a TC or maintain your own files, implementing and reviewing your transaction coordination sheets is a must. A smooth transaction begins with organization.