The Transaction Manager - (TheTransactionManager.com) is an online real estate transaction management system whereby a transaction coordinator, otherwise known as a "Transaction Coordinator" or a "Virtual Assistant", helps the parties to a real estate transaction, as well as participating service providers save a lot time, effort, and frustration by keeping all concerned on the same page from Contract to Closing.
Instead of waiting on Documents or Phone Calls, you are given password protected access 24-7 to the details of your purchase and/or sales transaction. The Transaction Manager coordinates just about everything from Contract Stage of your purchase and sales agreement to the Closing of your real estate transaction.
The Transaction Manager is a valuable resource that is for Realtors, home buyers and sellers alike. If your Realtor is not already providing a Transaction Management System for you then you or they can order one below.
As a home buyer or home seller, and as a Realtor or other Real Estate Service provider you can select any Transaction Manager of Transaction Management System that you may prefer. However, if you do not have a personal preference, we are providing the following links simply as a convenience and as a way for you to learn more about the Transaction Coordinator and about SureClose, the transaction management software that we have selected to save you time, money, and effort during your the purchase and sales transaction.
TheTransactionManager.com is one of a number of Internet Portals provided by Charleston Homes For Sale Realty and the BestHomeSearch.com Real Estate Network to create a "One Stop Real Estate Resource Center". The One Stop Real Estate Resource Center that is established for each County opened by the BestHomeSearch.com Network features Realtors, Home Builders, Mortgage Lenders, Home Inspectors, and other Real Estate Services and Service Providers to benefit both home buyers and home sellers.
The Transaction Coordinator works with Realtors, Lenders, Insurance Companies, Real Estate Attorneys, Title Companies, and Escrow service providers to bring about a smooth and successful closing to the real estate transaction. However not all home closings are handled the same, as each state has it's own rules about how home sale transactions are set up and completed.
Definitions and Information about Transaction Management participants
Some of the following information provided by Wikipedia has been edited specifically for this page of The Transaction Manager.
THE CLOSING - According to Wikipedia, the free encyclopedia - "A torturous process designed to induce cramping in a homebuyer's hands by requiring signature on countless pieces of documentation that nobody has ever read". Or, the process whereby the property sale is consummated with the buyer completing all applicable documentation, including signing the mortgage obligation and being debited or credited with all appropriate costs associated with the sale. Getting from contract to closing is what the transaction manger can help you with.
CLOSING ATTORNEY – A Lawyer that specializes in real estate transactions. Compared to “Escrow States” that conduct closings through an Escrow service provider, only a few states require attorneys at closing. For Example:
SOUTH CAROLINA
Attorneys customarily handle closings. Conveyance is by warranty deed. Mortgages are most often the security instruments. Foreclosures are judicial and take 3-5 months depending on court schedules. Foreclosure sales take place on the first Monday of every month following publication of notice once a week for 3 consecutive weeks. South Carolinians use owner's and lender's ALTA policies and endorsements. Buyers pay closing costs, title insurance premiums, and state mortgage taxes; sellers pay the transfer taxes. Property tax payment dates vary across the state from Sept. 15 to Dec. 31. For a complete lists of states and their specific closing procedures please GO TO: www.LegalWiz.com/escrow.htm
CLOSING COSTS - All appropriate costs generated by the sale of property that the parties must pay to complete the transaction. There are typically closing costs specific to both buyers and sellers, most can be negotiated in the contract to purchase and sell, however there are specific closing costs that are not negotiable particulary when using a VA or FHA loan. The transaction manager how to divide and account for each of the line items. Common closing costs include appraisal fees, loan origination fees, title insurance, taxes and any points associated with the loan negotiated in the deal. The transaction manager can help to bring all of these credit and debits together so all parties have a good idea prior to getting to the closing table.
CLOSING STATEMENT - This document details the final financial arrangement between a buyer and seller and the costs paid by each. The transaction coordinator works with all parties to get a preliminary estimate of closing costs prepared prior to everyone sitting down to close the deal. The transaction manager is accountable to the closing company and provides them with accurate information and receipts for service rendered.
ESCROW -An amount retained by a third party in a trust to meet a future obligation. The third party normally being the lender who will use the funds for the payment of annual taxes or insurance for real property. The Transaction management system helps here as well. Read More >>>
ESCROW ANALYSIS - The amount of funds needed to sustain the escrow account is determined by an analysis performed by the lender usually once each year to see that the amount of money going into the escrow account each month is correct for the forecasted expenses.
ESCROW ACCOUNT - This is the account setup by a mortgage servicing company to hold funds that they will pay expenses such as homeowners insurance and property taxes. The transaction manager only need to post this for the buyer to see and not the seller. An extra amount is paid with regular principal and interest payments that go into the escrow account each month. Each year it is analyzed and adjusted to meet current fees needed in addition to the principal and interest being paid on the mortgage loan.
ESCROW DISBURSEMENTS - The payout of funds from an escrow account to pay property expenses such as taxes and insurance is typically taken care of by the mortgage lender.
HOME INSPECTION - A Home Inspector examines the condition of a home, often in connection with the sale of that home. It is important to get a professional inspection even on new construction. Most home inspectors want to be paid prior to closing for the services they provide and the report that they generate. Read More >>>
TITLE - Buyers will receive a specific document that serves as proof of ownership. Read More >>>
TITLE COMPANY - An organization that researches and certifies ownership of real estate before it is bought or sold. It also ensures that their no liens against the property prior to the closing of the purchase. Title companies act at the facilitator to ensure all parties are paid during the real estate transaction.
TITLE SEARCH - The process whereby the TITLE COMPANY researches a properties title history and ensures that no outstanding claims exist. Claims may be liens against the property or a direct claim for ownership in a property, whereby evidence of ownership must be produced. This is typically pondered by the attorney or the escrow well in advance of closing the transaction just in case there is a lien on the property that needs to be taken car of. The transaction coordinator will let all parties know if there is an issue as soon as their is word from the title company or when the title search is complete for review.
TITLE INSURANCE - This is an actual policy that insures a property owner in case there is a claim against the property being sold before it transaction is actually completed. This also covers a lender should a question of ownership arise, and the lender typically insists that the borrower (read homebuyer) pays for the title insurance as a condition of getting their mortgage loan.
HOMEOWNERS INSURANCE - As this is becoming more expense if not more difficult to secure, it is important for buyers to start this process early. The transaction coordinator is not responsible in assisting with the purchase and placement of insurance, however they will verify it is in place for those parties that need proof before closing - buyer, lender, realtor, and closing company included. |