What are the responsibilities and job description for the Contract Administrator position at L2R Consulting?
Contract Administrator Position Overview
The Contract Administrator (“CA”) works with the Sales Team to administer the agreements between the Developer and the potential buyers to assure that all transactions proceed smoothly and successfully. The CA has a key role in managing the reservations, purchase agreements, addenda and amendments from reservation through closing. The CA is responsible for tracking and organizing all contract related statuses, deposits, commissions, draws and disbursements.
Key Responsibilities
- Administer Spark and generate required reports
- Process all incoming deposits:
o Receive, review and identify incoming wire notices from escrow agent
o Complete escrow deposit forms and return with wire notice to claim incoming deposits
o Post deposits in Spark and on Deposit and Draw Tracker
o Receive and upload receipts signed by Chicago Title to Spark and Google Drive
- Send escrow receipts to Buyers with deposit balances and next payment information
- Request, receive and save Buyer’s ID
- Monitor deposit amounts for activating events:
o Agreed initial deposit funded and contract ready for countersignature
o Sufficient funding for commission payments
o Sufficient funding for construction draws
- Review Purchase Agreements, confirm that the terms were approved and signoff in DocuSign
- Work with in-house Sales Team for updated terms and assignments to related entities
- Receive, review, file and confirm corporate documents to determine signature authority
- Address contract inquiries and disputes in collaboration with legal counsel and executive team
- Draft addenda, amendments and assignments working with outside counsel when necessary
- Circulate addenda, amendments and assignments for signature and upload signed copies
- Convert reservations to contracts
- Update and maintain deposit and commission structures in Spark
- Generate, gather, track and save broker registration agreements and supporting documents
- Circulate broker registrations for countersignature
- Generate deposit and commission reports
- Calculate and verify commission amounts due based upon funding and generate invoices
- Upload broker registration agreements into Northspyre and edit contract components
- Upload commission invoices into Northspyre and match to contract components and approve
- Share copies of countersigned broker registrations and invoices with agents
- Coordinate commission check delivery; advise agents when commission checks are available
- Draft and circulate construction draw requests
- Track construction draws and deposit balances at the unit level
- Coordinate closings with counsel/closing agent, buyers and agents
- Coordinate condo turnover
Skills and Qualifications
- Bi-lingual English and Spanish
- 5 years of experience in contract administration in real estate development or related industry
- Strong understanding of contract law, compliance, and real estate development processes
- Strong written and verbal communication
- Organized and detail oriented
- Time management and task prioritization
- Negotiation, problem solving and conflict resolution
- Solid computer skills working with Microsoft and Google platforms
- Experience with Spark and/or MRI Condo Sales is a plus
Salary : $110,000 - $120,000