Frequently asked questions (faq)
What does a Transaction Coordinator (TC) do?
A Transaction Coordinator (TC) is someone who LOVES dealing with details. TCs love sweating the small stuff. They love the challenge. A TC is a professional who manages the transaction process from contract to closing, ensuring all necessary paperwork is done and deadlines are met. They’re the central point of contact between the Buyer, the Seller, the Wholesaler, the Title Company, any attorneys involved, and third party servicing companies. In short, they’re the calm in the storm that is the escrow process.
How can a TC help me?
A Transaction Coordinator (TC) can help you by taking the administrative parts of a deal off your proverbial plate. You close the deal, sign the contract, and leave the escrow process to us, so you have more time to go out and get more deals, thereby making more money.
What do you charge?
Great question. Our charges are competitive within the creative TC industry. We charge a 50% non-refundable deposit upfront when you sign a contract with us. The balance is paid at the close of escrow out of escrow funds. Please see our Services page for more details.
What's the difference between a creative TC and a traditional TC?
Traditional TCs charge less, because the transactions they handle are not as complex and involved as the ones that creative finance TCs handle. There are also more steps involved, more documents to oversee the signing of, more people to keep in the loop, and more deadlines to adhere to in a creatively-financed transaction.
What types of creative transactions do you handle?
We handle a wide variety of transaction types, including SubTo, Seller Carryback (also called Seller Financing), Hybrid, Wraps, Mirror Wraps, Novations, and of course, Cash Transactions. You can find the prices for these different types on our contact form page.
Why do you charge a nonrefundable 50% deposit upfront? Nobody else is getting paid yet.
Most of the heavy lifting in a creative deal happens before closing. There’s EMD (earnest money deposit) and inspection deadlines to stay on top of, multiple parties to keep apprised, and multiple documents to ensure are signed correctly. In short, a creative TC is the central hub of communication for any creatively-financed real estate transaction.
If this deal is going to close, it’s likely because I built the foundation correctly on the front end, which is where I’m investing most of my time and expertise. The deposit simply covers my initial work.
If you have an issue with paying a 50% upfront deposit, I’m also amendable to a sizeable chunk of the Assignment Fee/Profits as a Joint Venture (JV) partner on the deal.
How do you provide Sterling service? What sets you apart from other TCs?
I am experienced at finding and bringing attention to details that others often miss, especially if those details are mentioned in more than one place and they differ.
Still, anyone can provide organizational skills and attention to detail, but it takes a special person to genuinely care about your transaction as much as you do. That’s the Sterling difference!
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