Frequently Ask Questions:
1. What is Transaction Coordinating?
Transaction Coordinating involves managing and performing the necessary tasks to ensure a smooth real estate transaction, from contract acceptance to closing.
2. Who uses a Transaction Coordinator?
Real estate agents, brokers, buyers, and sellers can all benefit from using a Transaction Coordinator to streamline the transaction process, ensuring all documents, timelines, and tasks are managed efficiently.
3. What types of transactions do you handle?
We handle a wide range of transactions including but not limited to cash deals, creative deals such as subject to the existing mortgage, seller finance, wraparound mortgages, novation, and seller carry back.
4. What standalone services do you offer?
Apart from our transaction coordinating services, we offer standalone services including:
- Consulting
- Seller walkthroughs
- Consulting paperwork
- Post-closing services
- Mortgage communication services
5. Why would someone consider a creative financing deal?
Creative financing offers flexibility for both the buyer and the seller. It can be beneficial when traditional financing is not an option, or when both parties seek more personalized terms.
6. How does a "subject to the existing mortgage" deal work?
This is when a buyer takes over the payments of the seller’s existing mortgage. The loan remains in the seller’s name, but the deed transfers to the buyer.
7. What is a wraparound mortgage?
A wraparound mortgage is a form of seller financing where the new mortgage wraps around an existing one. The buyer makes payments based on the larger, wraparound loan amount, while the seller continues to make payments on the original loan.
8. Can you explain novation in real estate transactions?
Novation replaces one party with another within a contractual agreement, effectively transferring all rights and obligations to the new party. In real estate, it can be used to substitute one buyer for another.
9. What benefits come from using a Transaction Coordinator?
Using a Transaction Coordinator ensures that all contractual timelines are met, documents are correctly filed, and potential issues are addressed promptly. This saves time, reduces errors, and provides peace of mind for all involved parties.
10. How do seller carry back transactions work?
In a seller carry back deal, the seller acts as the lender. After receiving a down payment, the seller provides the remainder of the purchase price in the form of a loan, and the buyer makes regular payments to the seller based on agreed terms.
11. How are your fees structured?
Our fees vary depending on the complexity of the transaction and the specific standalone service chosen. We offer competitive rates and are happy to provide a detailed quote based on your specific needs.
12. How do I get started with your services?
Simply contact our team to discuss your transaction needs or any of our standalone services. We'll guide you through our process, ensuring a smooth and professional experience.
13. Can I trust that my sensitive information will be kept confidential?
Absolutely. Client confidentiality and data protection are of utmost importance to us. We adhere to strict privacy protocols and industry standards to ensure your information remains secure.