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| - | The number of homes sold for more than �2m - now subject to a higher stamp duty rate - fell at the end of last year, new figures show.
| + | What Is a Transaction Coordinator? |
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| - | There were 103 �2m-plus homes sold in December in England and Wales - an 18% drop from the same month a year earlier, the Land Registry said.
| + | A Transaction Coordinator is a person who takes responsibility for managing the deadlines and tasks of a real estate contract to closing. Some of the duties include: |
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| - | Of these, 80 were sold in London, where prices have been rising the fastest.
| + | 1. Responsible for processing of all contracts through closing. |
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| - | The sales came before Chancellor George Osborne introduced a new 7% stamp duty rate in Wednesday's Budget.
| + | 2. Coordinating appointments for inspections, appraisals, and closing. |
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| - | There are various rates of stamp duty land tax - paid by the buyer of a property - already in place, depending on the cost of the home.
| + | 3. Effectively communicates with clients, customers, other agents, lenders, title agents and other service providers throughout the process. |
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| - | The chancellor said that those who bought the most expensive homes should contribute more. This will mean the buyer of a home at a cost of more than �2m must pay at least �140,000 in stamp duty.
| + | 4. Responsible for proper documentation of the file to comply with brokerage policies. |
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| - | The Treasury expects the measure to raise �150m in the next financial year, rising to �300m by 2016-17.
| + | 5. Assures that all post-closing disbursements, filing, and procedures take place. |
| - | First-time buyers
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| - | The Land Registry provides the latest accurate data on the sales of homes at certain price bands.
| + | 6. Frees the agent client up to focus on business building activities. |
| - | Continue reading the main story
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| - | Current stamp duty thresholds
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| - | * 1%: Properties of �125,000 to �250,000, but first-time buyers are exempt until 24 March
| + | In many offices across the country, there are transaction coordinators on staff who are shared among the office. While this approach seems practical or beneficial on the surface because the coordinator is in house and can be accessed by stopping by her/his desk. It's not always the best or most effective approach when explored further. There are many reasons for that, a few are outlined here: |
| - | * 3%: �250,000 to �500,000
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| - | * 4%: More than �500,000
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| - | * 5%: More than �1m, residential property only
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| - | * 7%: More than �2m, residential property only
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| - | In December, the biggest proportion of homes were sold for between �100,000 and �150,000, with a total of 14,385 sold.
| + | a. The transaction coordinator is paid by the office and has a job, which is not always exclusively coordinating transactions. Meaning, they could get pulled away from their job to help the other departments such as receptionist, listing coordinating or what have you. This means they aren't working on your transactions. |
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| - | Any first-time buyers who bought homes at this price would have been exempt from stamp duty at the time.
| + | b. Interruptions! The facts are clear, it can take more than 20 minutes to get back on task after an interruption. That said, imagine how inefficient it can be if agents are walking in and out of the transactioncoordinators office all day long. |
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| - | However, from Saturday, all buyers of homes sold for more than �125,000 will have to pay stamp duty because this exemption is coming to an end after two years. Mr Osborne said it had been "ineffective" in increasing first-time buyer numbers.
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| - | In the Budget, the chancellor also announced that the level of stamp duty on residential properties over �2m which were bought via a company would increase to 15% with immediate effect.
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| - | In addition, overseas companies that already own UK residential property worth more than �2m will be subject to capital gains tax from April 2013.
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| - | Overall, the Land Registry said house prices in England and Wales rose by 0.1% in February compared with the previous month.
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| - | However, prices were down 0.6% compared with February 2010. The average home cost �161,588.
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A Transaction Coordinator is a person who takes responsibility for managing the deadlines and tasks of a real estate contract to closing. Some of the duties include:
1. Responsible for processing of all contracts through closing.
2. Coordinating appointments for inspections, appraisals, and closing.
3. Effectively communicates with clients, customers, other agents, lenders, title agents and other service providers throughout the process.
4. Responsible for proper documentation of the file to comply with brokerage policies.
5. Assures that all post-closing disbursements, filing, and procedures take place.
6. Frees the agent client up to focus on business building activities.
In many offices across the country, there are transaction coordinators on staff who are shared among the office. While this approach seems practical or beneficial on the surface because the coordinator is in house and can be accessed by stopping by her/his desk. It's not always the best or most effective approach when explored further. There are many reasons for that, a few are outlined here:
a. The transaction coordinator is paid by the office and has a job, which is not always exclusively coordinating transactions. Meaning, they could get pulled away from their job to help the other departments such as receptionist, listing coordinating or what have you. This means they aren't working on your transactions.
b. Interruptions! The facts are clear, it can take more than 20 minutes to get back on task after an interruption. That said, imagine how inefficient it can be if agents are walking in and out of the transactioncoordinators office all day long.
