Transaction Coordinator Vs Agent – Part 2

Here’s a clear step-by-step breakdown of a typical real estate transaction from offer accepted → closing, showing who does what between the Real Estate Agent and Transaction Coordinator (TC).

🏠 Real Estate Transaction Workflow

1. Offer Accepted

✅ Agent:

• Notifies the buyer or seller that the offer has been accepted.

• Ensures both parties have a fully executed purchase agreement.

• Submits the contract to the brokerage and opens escrow.

🗂️ Transaction Coordinator:

• Receives the executed contract from the agent.

• Creates a transaction file (digital or physical).

• Reviews for missing signatures or documents.

• Inputs all key dates (inspection, appraisal, loan, closing) into a tracking system.

2. Opening Escrow & Initial Paperwork

✅ Agent:

• Introduces the client to escrow and title contacts.

• Helps the client deliver the earnest money deposit.

• Answers client questions about next steps.

🗂️ TC:

• Confirms escrow is open and deposit received.

• Distributes copies of the contract to all parties (lender, title, escrow, etc.).

• Requests and tracks disclosures and brokerage compliance forms.

3. Inspections & Appraisals

✅ Agent:

• Schedules and attends inspections.

• Negotiates repairs or credits if issues arise.

• Communicates updates to the client and other agent.

🗂️ TC:

• Tracks inspection and appraisal deadlines.

• Files inspection reports and appraisal documents.

• Updates all parties on receipt of completed items.

4. Loan & Contingencies

✅ Agent:

• Works with the buyer’s lender to ensure loan progress.

• Advises the client on removing contingencies or requesting extensions.

🗂️ TC:

• Monitors contingency removal dates.

• Collects signed contingency removal forms.

• Sends reminders about upcoming deadlines.

5. Final Walkthrough & Closing Preparation

✅ Agent:

• Schedules final walkthrough with the buyer.

• Reviews closing disclosure with the client.

• Prepares the client for signing and closing day.

🗂️ TC:

• Confirms all documents are complete and compliant.

• Coordinates with title, escrow, and lender to ensure closing package is ready.

• Confirms closing date/time with all parties.

6. Closing Day

✅ Agent:

• Attends the closing (if customary).

• Congratulates the client and hands over keys.

• Wraps up any post-closing items (e.g., reviews, referrals).

🗂️ TC:

• Ensures the final closing statement and commission disbursement are correct.

• Uploads all signed documents to the broker’s system for recordkeeping.

• Marks the file as “closed” and sends copies to the agent and client.