4.43 Transaction Coordinators & Auditors
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The Company has approved one or more transaction coordinators (TC). A transaction coordinator can assume many roles. In this Company, the approved TC’s:
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Review all agreements and documents to determine if all signatures have been obtained.
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Calendar all dates in an escrow period.
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Monitor compliance with contractual requirements.
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Order inspections (depending on which TC is used).
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Originate Broker escrow files.
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Arrange for delivery of documents by mail or electronically.
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Interface with outside affiliates such as lenders, mortgage brokers, inspection companies, professional reporting companies, escrow companies and title companies.
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Reports deficiencies, delinquencies, or problems to the licensee, Manager and Broker.
A TC is required to be used in your transactions unless prior consent is given by the Manager or Broker for an Associate to originate and organize their own paperwork file. You will be assessed a TC fee per transaction (by your TC of choice) generally in the amount of $295-$595, depending on which approved TC you choose to work with. Each TC sets their rates. In addition to the TC fee, a $25-$75 auditor fee, generally $50 (depending on the type of transaction), is assessed on any closed escrow for the auditor to review the file and ensure all documents are in order.
