Questions? Call now: 307-429-2947
Frequently Asked Questions
What does a Transaction Manager do?
Coordination of transactions: Follow up with all parties in a given real estate transaction as necessary via phone, video call, or email to ensure information is accurate, organized, and all necessary tasks are timely completed
Fill contracts and amendments or addendums
Send documents for electronic signatures
Open escrow (including the sourcing of a creative-finance friendly title agency or attorney)
Migrate escrow between agencies as necessary
Review addenda, extensions, and disclosures documents for accuracy, and make corrections or recommend changes
Review title commitments and Settlement Statements for accuracy, and make corrections or recommend changes
Ensure wire instructions have been sent to buyers and/or funding from PML / HML is on track for timely closing
Request documents/payment from and on behalf of various parties involved in a transaction
Verify receipt of documents and/or payments
Ensure all parties receive copies of recorded deed / closing documents
Conduct seller and seller’s agent walkthroughs of contracts
Be familiar with and make use of advanced and customizable deal documents
Produce or procure customized addendums and contract clauses
Transaction gut-checks for underwriting best practices and common gotchas
What types of deals do you manage?
Cash
Subto
Seller Finance
Hybrid
Novation
Wrap
Who do you work with?
Buyers, sellers, real estate agents, wholesalers, private lenders and borrowers.
What states do you operate in?
Everywhere but New York and New Jersey.
If I have a “yes” from my Seller/Buyer, can you prepare a contract and get it signed for me?
Yes. Our Contract Writeup consult services is one of our specialties.
Why do you recommend a Memorandum of Contract on every deal?
Simple: Memorandums save deals. They save or produce more than they cost. If you're used to buying title insurance "just in case" this is a no-brainer. Creative TC sees memorandums save more deals than it sees title policy claims.
We want to protect your deal. We want to work with businesspeople who work professionally and take themselves seriously. Finally, with our video-based notary and e-Recording services, it's fast and easy. There is little to no excuse for not doing it.
What paperwork is required for a creative transaction?
It varies. We and the closing agent will let you know. Other than the Purchase Contract, a Memorandum of Contract, and any relevant JV and Assignment agreements, the type of deal, the local laws, the parties involved, and other factors may dictate which paperwork is required.
Who do you communicate with?
All parties involved in the transaction. Our job is to coordinate and that means we’re requesting information, sending reminders, getting amendments signed, tracking dates, and reviewing paperwork for accuracy. We can only do all that if we’re connected to the wholesaler, escrow company, Seller, Buyer, dispositions manager, and other relevant parties.
Can you use my preferred title company / attorney?
Maybe.
Ultimately, we will make the final decision on whether to use a specific title company / attorney. We maintain a list of creative-friendly title companies and attorneys, and we find/vet new ones as-needed, including yours.
Can you self-perform a closing?
Yes. Learn more at Services > Self-performed Closing
How are your fees structured?
We collect a nonrefundable portion upfront and collect the remainder at close of escrow.
What types of loans or liens can be taken subto?
The better question is: what types can't be taken subto? Bring us your situation and let us make the paperwork sing a song of success.
How do I ask questions of a Transaction Manager?
Grab a free chat with us from the homepage or the Consultation page. If you're already active on a transaction, email or call your TM directly.
Can you dispatch a mobile notary for me, my buyer, or seller?
We have a webcam-based notary service as long as the person has an internet connection and camera... Otherwise, they can visit a UPS Store, local bank, or other special arrangements must be made.
Can you do loan modifications?
No! We do not get entangled in loan modifications. If a deal is contingent upon a loan modification being completed first, we believe that requires falsification of documents and don't want to be associated with it.
Note: If a loan modification has already been completed (no connection with the subto purchase), we are onboard and happy to help.
Can you explain the creative finance process to my Buyer?
Yes. Book a free call to discuss with us ahead of time and we'll put a strategy together with you.
Can you draft legal documents?
No. We are consultants and can provide you with templates and sample content, but you should take those to legal counsel before using anything we produce.
How fast can you close?
How fast can you close?
For our part, 5 days or less, but there are often factors outside our control. We work hard to influence the timeline in your favor, but ultimately other parties have to respond and do their part.
What if I have questions before I submit my deal?
During our office hours, you can visit our virtual office as a walk-in from the homepage: creativetc.io
OR send an email to [email protected]
OR book a free chat with us on our consultations page.
Do you set up Loan Servicing for me?
Yes, we assist with account setup during closing. Note: We cannot act on your behalf, so you will have to fill forms and set your own login, etc, but we're here with knowledge and experience to guide and support you.
© 2024 Creative TC LLC - All Rights Reserved.
All content on this signed is protected by copyright and is not authorized for use by others.
