FAQ

What does a Transaction Manager do?

Scope of Work - Transaction Management

• 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?

Cash and Creative investors and buyers.

What states do you work in?

Not NY or NJ.

If I have a “yes” from my Seller/Buyer, can you prepare a contract and get it signed for me?

Yes. This is one of our specialty services. See or pricing sheet for details.

Why do you recommend a Memorandum of Contract on every deal?

Memorandums can and should be placed on every purchase contract possible. We want to protect your deal. We want to protect our ability to charge our transaction fee. 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.

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.

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 TC directly.

Can you dispatch a mobile notary for my Buyer/Seller/whomever?

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 or other special arrangements must be made.

Can you do loan modifications?

No. We do not get entangled in loan modifications.

Can you explain the creative finance process to my Buyer?

Yes, you can book a paid consult for any purpose at any time, subject to availability.

Can you draft legal documents?

Legally, no. We are consultants and can provide you with templates and sample content, but you should take those to legal counsel before use.

How fast can you close?

Fast. For our part, 7 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.

Can you speak Spanish?

Email support@creativetc.io if you have a need.

What if I have questions before I submit my deal?

Send an email to support@creativetc.io or book a free chat with us.

Do you set up Loan Servicing for me?

We have partnered with a loan servicer we're happy to work with getting you set up. Ultimately, some action will be required of you to finish the setup.

When would I need a Creative Underwriting Consultation?

See our Consultation page for explanations.