AN AUTHORIZED CDA IN THE STATES OF TX, CA, FL, GA, MD, NC and CO MUST BE PROVIDED BY THE FIRM TO A CLOSING REPRESENTATIVE TO QUALIFY FOR SPLIT PAYMENT AT THE TIME OF SETTLEMENT.
PER COMPLIANCE, YOU ARE NOT ALLOWED TO BE PAID ANY AMOUNT IN YOUR NAME. ANY PAYMENTS / COMMISSIONS FOR ANY DEALS MUST BE REMITTED TO OUR BROKERAGE.
Get Your Transaction Into dotloop®
First thing to do is to make sure your transaction is in dotloop®. Here's how to create a loop. Add your executed sales contract, buyer representation / listing agreement and any relevant disclosures, addendums and amendments to the correlating loop on dotloop®.
Change your loop status to 'Under Contract'.
Submit The Loop For Broker Review (the first time.)
Once assigned a closer for your transaction, you'll submit your loop for review so your managing broker can approve it.
This includes all relevant documents to the deal. If for some reason, your documents are not approved, your broker or admin will alert you via message in dotloop®. Please correct any items as required and then repeat this step. If you're mainly using dotloop® from the dotloop® app, you'll need to switch to dotloop® through your phone's internet browser or to a desktop browser.
Click here to learn how to submit a loop! The link includes screenshots.
Request A CDA (you may call this a commission bill or commission statement)
Simultaneously to submitting your loop for review, you should locate the transaction in your Real app under My Profile > My Transactions. Select it to open it. It should look like this:
Select the "Request CDA" button. The transaction should be visible in your Real app. If it is not visible in your app don't make a standalone CDA. Instead, send a chat to our team so we can make your transaction visible for you. Fill out any missing details for the CDA request and submit it for approval. Once you submit the request you'll get an email from our team with the subject line, "We Received Your CDA Request: Your Next Steps Are Inside!"
Await CDA And Loop Approval
After your loop is approved, your CDA request can be approved. The support team approves CDAs within a week of closing. We are rarely able to turn around last minute CDA requests so please prioritize the requesting of your CDA. There are many deals that close every day at Real and we make every effort to serve our agents in the order that they open requests with us.
Once your CDA is approved, it will then be sent to the closer for the transaction that is identified in your CDA request via email and you will be CC'd on the same email. If there are any changes to make to the CDA, reply over your Approved CDA email with the needed changes and we will be glad to update the file and send a new one to both you and the closer.
Get Paid At The Closing Table In TX, FL, CA, CO, MD, GA, NC
For transactions in TX, FL, CA, CO, MD, GA, NC – your CDA will reflect the commission due and split between you and Real according to your contract with Real. This will allow you to be paid at closing and the escrow company will issue a check to you at the closing table. If you are not able to attend the closing for any reason, reach out to your closer to make arrangements for receiving your payment.
Submit Your Loop For Final Review
Now that your deal is closed, you can submit your loop one last time with the closing documentation for your deal. Check your task list or closing sheet on your loop for the transaction if available to make sure you've included the information your broker requires to consider your file compliant.
Await Real's Receiving And Processing Of Payment In All Other States
For transactions in all other states – your CDA will reflect the total commission being issued to Real. Real will pay you your split from the corporate office in New York.
If you are not attending the closing, the instructions on how to handle the commission will be provided in the CDA document and the closer will often overnight the payment.
If you are attending the closing, it's best to receive the check at closing for the total commission and arrange for deposit at a branch for one of Real's operating bank accounts.
To expedite the payment of your commission, we allow our agents to deposit checks directly into our bank account. Here's a helpful article on the Help Center to guide you through this process.
Get Paid Your Split In 1-5 Business Days
Real has partnered with Tipalti to be our primary payable system and expedite payments. Your account is set up as part of your onboarding at Real for you to receive ACH payments for all commissions and fees due to you.