Transaction Coordinator Contract to Close Checklist

Upon receiving the purchase agreement, carefully review its contents to understand the terms and conditions of the transaction. Pay attention to the price, contingencies, and key dates. Ensure that all necessary signatures are present and that the document is legally binding. If any discrepancies or issues are identified, communicate with the relevant parties to resolve them.

Initiate the escrow process by opening an escrow account and depositing the earnest money. The earnest money serves as a good faith deposit and demonstrates the buyer's commitment to moving forward with the transaction. Confirm that the amount and terms align with the purchase agreement and consult with the appropriate parties if any adjustments are needed.

To ensure a clear title transfer, order a comprehensive title search to identify any existing liens, encumbrances, or legal issues that may affect the property. Collaborate with a reputable title company to conduct the search and review the results. If any title issues arise, take necessary actions to resolve them before proceeding.

Coordinate and schedule the necessary inspections to assess the property's condition and identify any potential problems. This may include general home inspections, pest inspections, or specialized inspections based on the property's features. Communicate with the buyer, seller, and relevant inspectors to ensure a smooth and timely inspection process.

Evaluate the inspection reports provided by the inspectors to gain a comprehensive understanding of the property's condition. Pay close attention to any significant issues or recommended repairs. Discuss the findings with the buyer and seller and determine the necessary actions to address the inspection results.

Based on the inspection reports, identify and request any necessary repairs from the seller. Clearly communicate specific repair requests and provide supporting documentation if needed. Collaborate with the seller to negotiate and finalize the repair agreement, ensuring that all parties are satisfied.

Arrange for a professional appraisal to determine the property's fair market value. Engage a certified appraiser and ensure they have access to the property for a thorough assessment. Review the appraisal report upon completion to assess the property's value and address any concerns that may arise.

Carefully review the appraisal report to understand the appraiser's evaluation of the property's value. Compare the appraised value to the purchase price to ensure alignment. Address any discrepancies or questions with the appraiser or the relevant parties to reach a resolution if necessary.

Confirm that all contingencies specified in the purchase agreement have been satisfied or waived. This may include contingencies related to financing, inspections, or additional requests. Review the documentation and communicate with the buyer, seller, and other involved parties to ensure a smooth transition to the next phase of the transaction.

Verify that the sellers have secured their new residence or suitable housing arrangements to facilitate a smooth transition. Communication with the sellers and confirmation of their relocation plans will help ensure a seamless closing process and minimize potential delays.

Thoroughly review and verify the buyer's loan commitment from their lender. Confirm that all necessary documents and requirements have been fulfilled to ensure a successful loan approval. Open communication with the buyer, lender, and other parties involved to address any concerns or issues that may arise.

Gather all relevant financial information and prepare the final closing figures for the transaction. This includes the purchase price, prorated taxes, lender fees, and any other relevant costs. Ensure accuracy and completeness of the figures to facilitate a smooth closing process.

Carefully review the Closing Disclosure form with both the buyers and sellers. This document provides an itemized breakdown of all costs associated with the transaction. Address any questions or concerns raised by the parties involved and ensure their understanding and agreement.

Coordinate and confirm the closing date and time with all parties involved, including the buyers, sellers, agents, and the closing agent. Ensure that everyone is aware of the scheduled closing to avoid any confusion or scheduling conflicts. Document the agreed-upon closing details for future reference.

Schedule and coordinate the final walk-through of the property with the buyers. Verify that the property is in the agreed-upon condition and that all repairs and agreed-upon changes have been completed. Address any issues or concerns identified during the walk-through to resolve them before the closing.

Compile and prepare all necessary final documents required for the closing process. Collaborate with the title company to ensure the timely delivery and accuracy of the documents. Confirm that all signatures and required information are in place to facilitate a successful closing.

Confirm the transfer of funds to the closing agent to cover the necessary fees, closing costs, and any outstanding payments. Coordinate with all parties involved to ensure a smooth and timely transaction. Keep records of the fund transfer for reference and accountability.

Verify that the deed has been properly recorded with the appropriate authorities to finalize the sale. This step ensures the legal transfer of ownership from the seller to the buyer. Confirm with the title company or relevant officials to ensure a successful completion of the transaction.