Lodestar Transactions

Contract Agreement Between Real Estate Agent / Real Estate Broker & Lodestar Transaction Coordination

Last Updated: 6.5.2024

I. Terms of LTC Service

Agreement to provide service occurs when Agent submits a Service Request Form and/or a mutually accepted Purchase Contract to LTC via email or portal upload at www.lodestartransactions.com AND LTC delivers a confirmation email to the Agent accepting to perform service. At the time the aforementioned conditions are met, LTC becomes an independent service provider to assist Agent with coordinating his/her real estate transaction and LTC agrees to provide its services specific to the Agent’s representation, either as a buyer’s agent, seller’s agent or both (dual-agency).

II. Duties of the Agent and LTC

The scope of activities of  LODESTAR TRANSACTION COORDINATORS are expressly limited to those of a Transaction Coordinator/Unlicensed Assistant in the state where work is performed, and is not intended to supplant, or otherwise augment the duties or compliance requirements of the Agent or in any fashion provide real estate brokerage services. ALSO, LTC’s ability to provide accurate timeline follow up is in effect if and only if the Agent performs his/her obligations in the transaction.

Agent is obligated and agrees to the following for every transaction provided to LTC for service:

  1. Email fully executed contract documents, all respective addenda and a completed Service Request Form to the LTC coordinator on the same calendar day (whenever possible) as the contract is mutually accepted.
  2. Communicate with and respond timely to LTC coordinator requests and provide all information required by LTC in a timely manner.
  3. Be aware of, and supply any mandatory city transfer documents, local, county and/or HOA or condo disclosures to the LTC Coordinator.
  4. Provide LTC with forms that are ready for Buyer/Seller signature or access to those readied forms except in states that allow an unlicensed assistant to “cut and paste” in verbiage written by the Agent.
  5. Timely alert the LTC Coordinator regarding any amendments or changes  that occur during the transaction that affect LTC’s ability to complete work.
  6. Immediately notify LTC in the event of a cancellation of sale.

LTC  is obligated and agrees to the following on every transaction provided by Agent for service (this list is not meant to include every task performed by LTC. A task list provided separately):

  1. To exercise reasonable effort and due diligence in all actions while maintaining the highest level of professionalism, skill and care with all parties involved in each and every transaction.
  2. Establish, monitor, track and communicate transaction timelines, pending deadlines, and contingencies and communicate them timely with Agent and other parties in transaction as appropriate.
  3. Review all Purchase Package documents as Agent’s “second set of eyes” for Agent compliance.
  4. Provide Agent with weekly status updates and 24 hr portal access to status.
  5. To make every effort to accommodate reasonable Agent work processes and brokerage requirements for transactions.
  6. To perform all administrative tasks and communications from mutual acceptance to closing in a professional and timely manner including but not limited to obtaining signatures from all parties.
  7. To make every effort to protect data (see Privacy Policy at www.lodestartransactions.com).

III. Agent Acknowledges and Agrees that LTC is Not Responsible for / Will Not:

Negotiate, draft, write, revise or otherwise prepare any addenda, counters, disclosures or agreements for signature or perform any other duties of a real estate agent or broker or otherwise perform duties not allowed by Washington State statute https://app.leg.wa.gov/RCW/default.aspx?cite=18.85.151

  1. Take any action that would determine or materially alter the procession of a file or contract without express written consent to do so.
  2. Explain, interpret or elaborate the need for any documents to Buyer or Seller.
  3. LTC’s promise to meet contractual timelines is not in effect if the Agent fails to perform his/her obligations.

IV. LTC Fees

  1. Agent agrees to pay the current LTC published price found at LodestarTransactions.com.
  2. Agent understands and agrees that any additional expenses incurred on behalf of the transaction including but not limited to overnight deliveries, postage and notary service will be charged to the Agent and payable to LTC.
  3. LTC will deliver an invoice for Service and agreed upon additional fees after the sale is recorded or at notice of failed sale.  All fees are due and payable at the receipt of invoice.
  4. Any fees not paid within 5 calendar days will be assessed a $50 late fee.
  5. Agent understands and agrees that Agent’s valid credit or debit card may be kept securely filed. Agent may revoke authorization of cards on file in writing, no less than 5 days prior to assessment of fees. Agent is not required to keep a credit card on file. 
  6. Should a file be canceled for any reason it is subject to a $50 cancellation fee.
  7. Agent acknowledges that LTC may change rates from time-to-time at its sole discretion. LTC shall give Agent 30 days notice in writing prior to any rate increase. No rate increase shall be assessed to transactions already in progress with LTC at the time notice is delivered.

V. Indemnification

The Agent is ultimately responsible for acquiring the appropriate signatures of all parties involved and returning documentation to LTC as well as meeting all compliance requirements in the transactions. 

The Agent agrees that they will abide by any and all state and federal laws as applicable to these types of transactions and that they are duly licensed by the appropriate entities.

Agent hereby agrees to release LTC from any and all liabilities that may arise by virtue of these real estate transactions and the AGENT further agrees to indemnify, defend and hold LTC and its employees harmless from all claims, disputes, litigation, judgments, and attorney fees that may arise in connection with these transactions and also from any incorrect information supplied by third parties to LTC, or from any material facts that third parties know but fail to disclose to LTC.

VI. Confidentiality

All parties to this agreement, including employees of either party, will treat as confidential all information provided or learned regarding such party’s business and operations, including without limitation to client information, trade secrets, systems, procedures manuals, products, contracts, and personnel other than what information is publicly available. Further, LTC agrees to ensure every LTC employee signs a confidentiality agreement upon employment. The confidentiality provisions of this Agreement shall remain in full force and effect after the termination of this Agreement.

The foregoing notwithstanding, in the event that the recipient of the confidential information is legally compelled or required by any governmental body, court, or competent authority to disclose any such confidential information, it shall promptly notify the other party so that the latter may be able to seek a protective order or avail itself of other appropriate remedies and/or waive compliance with the provisions hereof. The provisions of this section shall survive the termination of this Contract for whatever reason.

VII. Termination

  1. This contract may be ended at any time by either party in writing at which time any and all work by LTC will end, all documentation will be delivered to Agent within 2 working days, and Agent will pay any final monies owed within the same including the full agreed upon and published fee for service and agreed administrative costs incurred by LTC. 
  2. LTC maintains the right to refuse service to any agent for any reason.