Master

1. Objective

This SOP defines how a Virtual Assistant (VA) manages a real estate transaction from executed contract through post-closing. Transaction coordination is deadline-driven, document-intensive, and fragile — a single missed step can cost the client thousands of dollars, expose the agent to legal liability, or kill the deal entirely.

The VA's role is to be the project manager and safety net of every transaction. The agent is the strategist, negotiator, and client relationship manager. The VA is the one who keeps the machine running underneath.

Where this SOP starts: Executed purchase agreement received (both parties have signed).
Where this SOP ends: Transaction closed, deed recorded, file archived, client added to post-closing follow-up sequence.

Relationship to Listing Coordination Master: For seller-side transactions, listing coordination hands off to transaction coordination at the point the executed agreement is received. The TC SOP picks up exactly where the listing SOP ends.

Success looks like: Every deadline met. Every party informed before they have to ask. No surprises at the closing table. The agent's only job is showing up and building the relationship — not chasing paperwork.

2. Your Role & Boundaries

Transaction coordination involves legally binding contracts, earnest money, loan approvals, and title transfers. The line between what you can do and what only a licensed agent can do is not a gray area — it is a liability line.

What you handle independently:
- Distributing executed contracts to all parties
- Opening escrow and submitting earnest money
- Creating and maintaining the transaction timeline and deadline tracker
- Scheduling all inspections, appraisals, and vendor visits
- Collecting, organizing, and filing all transaction documents
- Following up with lenders, title companies, inspectors, and cooperating agents for status updates
- Preparing contingency removal forms, addenda, and amendments for agent and client signature
- Reviewing the settlement statement for mathematical accuracy and flagging discrepancies
- Sending approved client communication templates
- Scheduling the final walkthrough and closing appointment
- Updating MLS status as directed by the agent
- Updating the CRM and transaction management system
- Managing post-closing tasks (congratulations, document delivery, follow-up sequence)

What requires agent approval before acting:
- Any communication to the other agent that involves negotiation, interpretation of contract terms, or response to a dispute
- Any addendum or amendment that changes price, dates, or terms
- Any decision about contingency removal timing
- Any request to the lender, title, or inspector that goes beyond a status update
- Anything not covered by an approved template

What you never do — under any circumstances:
- Negotiate on the agent's behalf
- Provide a pricing opinion, market analysis, or valuation to any party
- Advise the client on whether to accept, reject, or counter an offer
- Advise the client on whether to remove a contingency
- Sign or initial any document on behalf of the agent or client
- Communicate directly with the other party's client (buyer or seller) — all communication goes through agents
- Make any legal interpretation of contract terms

The mindset shift: Your job is not to check tasks off a list. Your job is to understand the entire transaction well enough to know what is supposed to happen next — and to start it before anyone asks you to. You are the safety net. Most of what can go wrong in a transaction is preventable through proactive follow-up and meticulous deadline management.

3. The Master Transaction Checklist

Every transaction runs through this checklist in order. Each phase has its own detailed section below. Use this as your daily reference — if a box is not checked, that task is not done.

Phase 1 — Contract Executed (Day 0–2) → Section 4
- ☐ Executed contract received and saved to transaction file
- ☐ All pages present and all signatures confirmed
- ☐ Key dates extracted and transaction timeline created
- ☐ Contract distributed to all parties
- ☐ Escrow opened and earnest money submitted
- ☐ CRM and transaction management system updated
- ☐ Buyer's "Do's and Don'ts During the Loan Process" email sent
- ☐ Agent notified of all upcoming deadlines

Phase 2 — Inspection Period → Section 5
- ☐ Inspector scheduled within 2 days of contract execution
- ☐ Seller / listing agent notified of inspection date and time
- ☐ Inspection report received and saved
- ☐ Report reviewed — major issues flagged for agent
- ☐ Any specialized inspections scheduled (pest, radon, sewer, pool, etc.)
- ☐ Repair request prepared (if applicable) and submitted before deadline
- ☐ Repair agreement executed and saved (if applicable)
- ☐ Inspection contingency removal prepared and submitted on or before deadline

Phase 3 — Appraisal → Section 6
- ☐ Appraisal ordered confirmed with lender
- ☐ Property access coordinated with listing agent
- ☐ Appraisal support packet delivered to appraiser (upgrades list, comps if agent provides)
- ☐ Appraisal report received and saved
- ☐ Agent notified immediately of appraised value
- ☐ Appraisal contingency removal prepared and submitted on or before deadline (if value met)

Phase 4 — Loan / Underwriting → Section 7
- ☐ Lender contact confirmed (name, email, direct phone)
- ☐ Weekly lender status check-ins scheduled
- ☐ Any lender document requests relayed to client immediately
- ☐ Clear-to-close received — all parties notified
- ☐ Closing Disclosure delivery confirmed — 3 business days before closing verified
- ☐ Loan contingency removal prepared and submitted on or before deadline

Phase 5 — Title → Section 8
- ☐ Title company / escrow officer contact confirmed
- ☐ Title search ordered confirmed
- ☐ Preliminary title report received and reviewed
- ☐ Any title issues flagged to agent immediately
- ☐ HOA documents requested and received (if applicable)
- ☐ HOA review period deadline tracked

Phase 6 — Pre-Closing → Section 9
- ☐ Settlement statement (ALTA) received from title company
- ☐ Settlement statement reviewed for accuracy — discrepancies flagged
- ☐ Final walkthrough scheduled (24–48 hours before closing)
- ☐ Walkthrough documents prepared (repair agreement, inclusions list)
- ☐ Closing appointment scheduled — time, date, location confirmed
- ☐ Client prep email sent (what to bring, what to expect)
- ☐ Agent calendar blocked for closing
- ☐ Wire fraud warning sent to client

Phase 7 — Closing Day → Section 10
- ☐ Lender and title company contacted to confirm all is on track
- ☐ Funding confirmed
- ☐ Recording confirmed — all parties notified
- ☐ MLS status updated to Sold (agent directed)
- ☐ CRM updated — transaction marked closed

Phase 8 — Post-Closing → Section 11
- ☐ Congratulations message sent to client
- ☐ Final closing documents delivered to client
- ☐ Transaction file archived
- ☐ Client added to post-closing follow-up sequence in CRM
- ☐ Agent review / referral request sent (if agent uses this)

4. Phase 1 — Contract Executed (Day 0–2)

Trigger: Agent sends or confirms that the purchase agreement is fully executed (signed by all parties).

Step 1: Verify the executed contract
- Confirm all pages are present (page count varies by state and contract type)
- Confirm all signature and initial lines are completed
- Confirm all dates are filled in — no blanks on date fields
- If anything is missing: flag to agent immediately before distributing

Step 2: Create the transaction file
Name format: [Address] — [Buyer Last Name] — [Close Date]

Sub-folders:
- Contract & Addenda
- Disclosures
- Inspection
- Appraisal
- Loan / Lender
- Title
- Closing Documents
- Correspondence

Step 3: Extract all key dates and build the transaction timeline

Save this timeline where both agent and VA can see it. Update it every time a date changes.

Step 4: Distribute the executed contract

Send to all of the following within 24 hours of receipt:
- ☐ Buyer (your client, if buyer-side)
- ☐ Seller (your client, if seller-side)
- ☐ Buyer's lender
- ☐ Escrow / title company
- ☐ Cooperating agent (if not already received from them)

Step 5: Open escrow
- Contact the escrow / title company to open escrow
- Submit the executed contract
- Confirm earnest money deposit deadline and delivery instructions
- Follow up to confirm the deposit was received before the deadline

Step 6: Update all systems
- Transaction management system: create new file with all dates
- CRM: update client status to "Under Contract" or "Pending"
- Agent's calendar: add all key dates as events with reminders

Step 7: Send the buyer's Do's and Don'ts email

This is one of the most important proactive steps a VA can take. Send this to the buyer (or have the agent send it) within 24 hours of contract execution. It prevents the most common loan-killing mistakes.

Subject: Important — Protecting Your Loan During the Transaction

Hi [Buyer Name],

Congratulations on getting under contract! We're excited to help you get
to the closing table smoothly.

While your loan is being processed, there are a few things that are
critical to protect your financing. Please read this carefully.

DO:
✓ Keep paying all existing bills on time
✓ Continue working at your current job
✓ Contact your lender immediately if anything in your financial
  situation changes
✓ Respond quickly to any document requests from your lender

DO NOT:
✗ Make any major purchases (furniture, appliances, cars, vacations)
✗ Open any new credit accounts or apply for new credit
✗ Close any existing credit accounts
✗ Make any large deposits or transfers into your bank accounts without
  first discussing with your lender
✗ Change jobs or become self-employed
✗ Co-sign a loan for anyone

Why does this matter? Your lender reviews your financial picture right up
until closing. Any of the above can change your debt-to-income ratio or
trigger additional underwriting requirements — which can delay or
cancel your loan approval.

When in doubt, call your lender first. It takes 30 seconds and could
save your deal.

We're here if you have any questions. Looking forward to getting you
to closing!

[Agent Name] & Team

5. Phase 2 — Inspection Period

Trigger: Contract is executed. Inspection period begins immediately.

The inspection contingency deadline is one of the most dangerous dates in the transaction. If the contingency expires without removal or objection, the buyer may lose their right to cancel and their earnest money may be at risk. Track this date obsessively.

Scheduling the inspection:
- Schedule within 1–2 days of contract execution — do not wait
- Coordinate between the buyer, the inspector, and the listing agent for property access
- Confirm the inspector has the property address, access instructions, and a contact for entry
- Add the inspection to the agent's calendar

When the inspection report arrives:
- Save immediately to the Inspection folder
- Do a quick read-through — look for:
- Items described as "safety hazard," "immediate repair recommended," or "significant defect"
- Any mention of the foundation, roof, electrical panel, HVAC system, or plumbing main
- Any item the inspector recommends a specialist evaluate further
- Flag all significant items to the agent in a brief summary — do not make recommendations yourself

Specialized inspections:
If the general inspector recommends additional specialists, schedule them promptly. Common types:
- Pest / termite inspection
- Radon inspection
- Mold inspection
- Sewer scope
- Pool / spa inspection
- Structural / foundation engineer
- Roof specialist

Each specialized inspection has its own report — file each one separately and note the date received.

Repair request (if applicable):
- Agent decides whether to request repairs, a credit, or both
- VA prepares the repair request addendum using the state-appropriate form
- Include: specific repair description or credit amount, deadline for seller response
- Send to agent for review and signature before submitting to listing agent
- Log date sent and track seller's response deadline

Repair agreement:
- Once agreed upon, prepare the final repair addendum for all parties to sign
- Confirm all signatures are present before filing
- Note any repairs that must be verified before closing (add to pre-closing checklist)

Inspection contingency removal:
- Prepare the contingency removal form on the day it is due — not the day after
- Send to agent with a reminder: "Inspection contingency removal due today — please sign"
- Confirm it is delivered to the listing agent on or before the deadline
- Save the signed removal form to the transaction file

6. Phase 3 — Appraisal

Trigger: Inspection contingency resolved. Lender has typically ordered the appraisal by this point.

Confirming the appraisal is ordered:
- Follow up with the lender: "Has the appraisal been ordered? Do you have an estimated completion date?"
- Log the estimated appraisal date in the transaction timeline
- Coordinate property access with the listing agent and provide to the appraiser

Appraisal support packet (seller-side transactions):
If you are on the listing / seller side, prepare a packet for the appraiser:
- List of recent upgrades and improvements with estimated costs and dates
- Any relevant comparable sales the agent believes support the price
- Property features that may not be obvious from the exterior
- HOA information if applicable

Do not suggest a value or tell the appraiser what the property is worth. Provide factual information about the property and let them do their job.

When the appraisal report arrives:
- Save to the Appraisal folder
- Note the appraised value immediately and notify the agent
- If value meets or exceeds the purchase price: proceed to contingency removal
- If value is below the purchase price: escalate to agent immediately — do not contact any party until agent instructs

Appraisal contingency removal:
- Same process as inspection: prepare form, send to agent for signature, deliver before deadline
- If a low appraisal resulted in a price renegotiation: ensure the amended purchase price is documented with a signed addendum before removing the appraisal contingency

7. Phase 4 — Loan & Underwriting

Trigger: Ongoing throughout the transaction — begins at contract execution and ends at clear-to-close.

Financing failure is the #1 reason real estate deals fall apart. Your job during this phase is to keep communication flowing between the lender and the agent, ensure documents reach the lender quickly, and watch the timeline obsessively.

Lender contact protocol:
- Establish your lender contact at the beginning of the transaction (name, direct phone, email)
- Set a weekly check-in: every Monday, send a brief status request: "Hi [Lender Name], checking in on [Buyer Name]'s file — any updates or items needed this week?"
- Log every response in the transaction file

Document requests:
- When the lender requests documentation from the buyer, relay the request immediately
- Do not let document requests sit — each day of delay can push back the close date
- Confirm with the lender when documents are received and acceptable

Watching for red flags:
Flag any of the following to the agent immediately:
- Lender requests documentation that seems unusual or outside the norm
- Lender has not responded to a status request in more than 48 hours
- The loan file is "escalated" or sent to a different underwriter
- The closing date is at risk due to lender delays

Clear-to-Close:
When you receive the clear-to-close (CTC):
- Notify the agent immediately
- Notify the title / escrow company
- Notify the cooperating agent
- Confirm the closing date and begin the pre-closing checklist

Closing Disclosure (CD) — TRID compliance:
This is federal law. The buyer must receive the CD at least 3 business days before the closing date. This waiting period cannot be waived.

Count carefully. "Business days" excludes weekends and federal holidays. If closing is on a Friday, the CD must be delivered and acknowledged by Tuesday. If closing is Monday, the CD must be out by Wednesday of the prior week.

• Confirm with the lender: "When will the CD be sent to the buyer?"
• Follow up with the buyer to confirm they received and acknowledged the CD
• If the CD is delayed: notify the agent immediately — the closing date may need to move

Loan contingency removal:
- Same process as other contingencies: prepare form, send to agent, deliver before deadline
- Do not remove the loan contingency until agent confirms the buyer's financing is solid

8. Phase 5 — Title

Trigger: Runs parallel to inspection and loan phases from contract execution onward.

Title company / escrow officer contact:
- Confirm your title contact at the beginning of the transaction
- Ensure the title company has received the executed contract

Preliminary title report:
- When the title report arrives, review it for:
- Any liens against the property (unpaid taxes, mortgages, contractor liens)
- Any easements that could affect the buyer's use of the property
- Any clouds on title (disputed ownership, unresolved probate, etc.)
- Any discrepancies in the legal description
- Flag anything unusual to the agent immediately

Resolving title issues:
- If the title report reveals issues: notify the agent and work with the title company and listing agent to resolve them
- Document every step of the resolution process
- Do not proceed to closing until a clear title report is confirmed

HOA documents (if applicable):
- Request HOA documents from the title company, listing agent, or HOA directly
- Track the HOA document review deadline in the transaction timeline
- Save all HOA documents to the transaction file
- If documents reveal financial instability or restrictive rules that may concern the buyer: flag to agent for discussion with the client

9. Phase 6 — Pre-Closing

Trigger: Clear-to-close received. Typically 5–10 days before closing.

Settlement statement (ALTA) review:
When you receive the draft settlement statement from the title company:
- Verify the sale price matches the executed contract
- Verify commission amounts match the listing agreement
- Verify any seller credits to the buyer match the contract
- Verify proration calculations for taxes and HOA dues are correct
- Verify the payoff amount for any existing loans matches expectations
- Flag any discrepancy to the agent and title company — do not wait for closing to raise issues

Final walkthrough:
- Schedule 24–48 hours before closing
- Coordinate between buyer, buyer's agent, and listing agent
- Provide to the agent:
- Copy of the repair agreement (to verify repairs were completed)
- Copy of the purchase agreement section listing included items (to verify nothing was removed)
- If issues arise during the walkthrough: notify agent immediately — resolution must happen before closing

Closing appointment:
- Confirm date, time, and location with title company
- Confirm whether buyer and seller sign together or separately (often separate in the U.S.)
- Block the agent's calendar
- Send the client prep email:

Subject: Your Closing Appointment — What to Bring and What to Expect

Hi [Client Name],

Your closing is scheduled for:

Date: [Date]
Time: [Time]
Location: [Title Company Name]
Address: [Address]

What to bring:
• Valid government-issued photo ID (passport or driver's license)
• A second form of ID is recommended
• Cashier's check or wire transfer confirmation for [amount] — your 
  closing funds. DO NOT wire money without calling the title company 
  directly to verify wire instructions. Wire fraud is real.
• Your checkbook (for any small last-minute adjustments)

What to expect:
• The signing appointment typically takes 45–90 minutes
• You will sign a large stack of documents — your closing agent will 
  walk you through each one
• Once all documents are signed and funds are confirmed, the deed 
  will be recorded and you will receive your keys!

Questions? Contact us at [agent phone/email]. We're almost there!

[Agent Name] & Team

Wire fraud warning — always included:

Wire fraud is the fastest-growing real estate crime in the U.S. Criminals intercept email communications and send fraudulent wire instructions that appear to come from the title company. Always call the title company directly — using a number you find yourself, not one from an email — to verify wire instructions before sending any funds. Never wire money based on email instructions alone.

10. Phase 7 — Closing Day

Closing day protocol:
- Contact the lender and title company by 9:00 AM to confirm the file is on track for closing
- If any issues surface: notify agent immediately

Funding:
- Confirm with title company that loan funds have been wired from the lender
- Confirm that the buyer's funds have been received

Recording:
- Confirm with title company that the deed has been submitted to the county recorder
- Wait for recording confirmation — the transaction is not closed until recording is confirmed

Once recording is confirmed:
- Notify the agent immediately
- Notify all parties per agent's instruction
- Update MLS status to Sold (agent directed)
- Update CRM: mark transaction as Closed, record the close date and final sale price

11. Phase 8 — Post-Closing

Day of close:
- Send congratulations message to client (approved template or per agent preference)
- Confirm the client knows how and when they will receive their keys

Within 3 business days of close:
- Deliver complete closing document package to the client
- Confirm the client has received and can access their documents
- Archive the full transaction file — organized, complete, nothing missing

Within 1 week of close:
- Add client to the agent's post-closing follow-up sequence in the CRM
- Label: closing date, property address, transaction type (buy/sell), key milestone dates for future reference (homestead anniversary, likely refinance window, etc.)
- If agent uses a review or referral request: send it now, while the experience is fresh

12. Failure Points Reference

Use this as a quick reference during the transaction. These are the situations most likely to kill a deal — your job is to prevent them.

13. Communication Standards

Tone in all transaction communications:
- Professional and calm at all times — even when the situation is stressful
- Never communicate urgency in a way that creates panic with the client
- Never make promises about outcomes ("This will definitely close on time")
- When raising a problem, always include what you have done or are doing about it

Contact cadence by party:

Client update cadence:
Send a brief transaction status update to the client every 5–7 days during the transaction. Keep it short — one paragraph. Tell them what happened this week and what is happening next.

14. Tools & Access