Can I get my commission rebate check at closing?

[vicki]

I am getting close to closing, maybe this happens next week. Would you mind paying the agreed rebate on the day of the closing? I have several expenses related to closing and money will be tight after doing the payment.

The amount should be 2% of the sale price or $12,640.

Thanks

[HauseitAdmin]

Great question! Normally our partner brokers will have their bank mail a check as soon as their commission check clears. However, since the licensed real estate salesperson working with you will be at closing and will deposit the commission check the same day, our partner broker is happy to have their bank mail a check same day as a courtesy! Please just let them know by email what your mailing address is.

Please note that customarily, our partner brokers will only order their bank to mail a check after the funds have cleared from their commission check. It is typically not possible to do so before funds have cleared, because in order for a bank to issue and mail a check, there must be sufficient funds in the account. Hence why they typically wait until funds have cleared (typically 1-2 days) before sending the check.

[vicki]

Thanks for your response! Can you please confirm that the amount $12,640 is correct?

If Amy is going to receive the check on the closing the easiest might be to just go together to the bank and deposit it directly into the relevant accounts. I've emailed the team my mailing address and who my commission rebate check should be made out to.

Thanks.

P.S. Alternatively, why can't she just bring a company check with her to closing for me?

[HauseitAdmin]

Hi Vicki, please rest assured, you’ll absolutely get your check from our partner brokers. It’s 2/3 of whatever commission they receive, as you previously agreed upon with them. In terms of knowing exact figures before closing, our partner brokers never like to take anything out in advance, until the check is deposited.

With that said, our partner brokers wanted to let you know that they recall the listing agent saying that the "selling agent commission is 3% less $150 technology fee for use of the website which the offer was placed through." So assuming our partner brokers get paid off of a contract price of $620,000, their estimate is that your 2/3 will come out to be $12,300.

Once she deposits the check, as discussed our partner broker will log onto their bank account and have their bank mail a check to you directly. Thank you!

P.S. She (the licensed real estate salesperson) does not have access to company checks as she is an independent contractor. The principal broker must cut you the check, and this must be done online as ordinarily the principal broker will not have time to stop by every closing.