Your STR Purchase Under Contract

Once your offer is accepted you’ll be introduced to the Transaction Coordination team (TC team). A lead Transaction Coordinator (TC) will be assigned to your file and added to your slack channel. You will also have an Acquisition Manager watching over your transaction to support you and the TC throughout the journey. After introductions, the first two major items on the transaction will be the deposit of your Earnest Money to the title company (money showing the seller you’re serious about the deal) . Once the Earnest Money has been sent, the lead TC will order a home inspection for you, all you have to do is OK the price in slack and sign the pre inspection agreement from the inspector.

The team coordinates communication with your agent, lender, title company and other transaction participants. It helps track earnest money, arrange inspections and specialist reviews, review repair negotiations, coordinate insurance quotes and appraisal milestones, arrange signing, introduce managers and designers, and review closing figures.

You approve decisions and costs, send your funds, provide lender and title documentation, sign agreements and amendments, and choose your manager and designer. Ask the lead transaction coordinator when any responsibility is unclear.

Deadline tracking does not guarantee a deposit refund. Your agent or attorney must confirm the available contractual rights and proper notices, and any extension depends on the required parties agreeing.

While you are under contract your main point of contact will be your lead TC. The best place to communicate with them is in slack.

The major milestones are the earnest-money deposit, inspection and due diligence, financing or loan commitment, appraisal protection and closing. Timing comes from your signed contract and any amendments; there is no universal deposit or inspection period.

Your agent and transaction coordinator should record each date, notice requirement and consequence. A missed closing date may trigger default or other remedies under the agreement. Extensions require the approvals and signatures specified by the contract.

Title work begins after the contract is accepted. Inspection and specialist reviews must fit the contract's due-diligence deadlines. The lender orders the appraisal on a schedule that supports financing and closing.

Start insurance quotes early enough to identify coverage or affordability problems, then confirm the final binder before funding. Some tasks run in parallel; your transaction coordinator will map the schedule for the property.

You usually do not need to attend the title office. A mobile notary or another lender- and title-approved signing process may be available. Confirm identification, location and scheduling requirements early.

If you will be outside the United States, notify the team before committing to the closing date. Title and your lender must approve any overseas signing, remote process or power of attorney; availability varies.

Tell your transaction coordinator where you will be and when you can sign. A mobile notary may accommodate domestic travel. Overseas signing or a power of attorney requires advance lender and title approval.

If an approved signing method cannot be arranged, request a written closing extension through your agent. Do not assume the seller must agree or that travel automatically excuses a missed deadline.