Woot! It's time to close. Please send your CDA two days before closing.
Just to re-cap, you've completed the following:
- Entered the Deal in reZEN
- Uploaded all Documents on your Checklist
- Calculated & Approved the Commission
- Broker Approved the Transaction
If everything above is complete, you should see the status above and it's time to send the CDA.
- What is the Commission Disbursement Agreement (CDA)?
- How to Send the CDA
- How to Find the CDA
- Trouble Sending the CDA
You can do this in 30 seconds - watch the video below - or keep reading for more details.
What is a Commission Disbursement Agreement (CDA)?
- All transactions must have a Commission Disbursement Authorization (CDA) completed and sent out to the closer.
- The CDA is used to document all commissions and fees and make sure all parties are paid the correct amounts.
- The CDA has payment instructions for closing, including Real's bank account and wire information.
- The CDA has the Reference number to include in all wires / checks so accounting can match the funds to your transaction.
How to send the CDA:
As a reminder, you need to complete Steps 1 -4 before you can Send the Commission Document.
Step 1: Double check your commission calculation. Is everyone who needs to be paid listed on the deal? Are the split amounts correct?
Step 2: Confirm the information under Commission Payer. This is the name and contact information of the Closing/Title/Escrow company where the Commission Documents will be sent.
Step 3: Click Send Commission Document in the transaction. Click Yes, please continue on the popup. This will send the Commission Document to Closing/Title/Escrow person listed in Commission Payer.
That's it! Once this is complete, the status on your transaction will change to Commission Document Sent (see below). Real emails a copy of the commission disbursement agreement to you and the Commission Payer (Title/Escrow/Closing) - see below for an example email.
You can go to Step 6: Close & Transfer Funds to Real.
How to Find your CDA:
If you need to find your CDA after it has been sent, you can access this in reZEN.
Step 1: Click on the View Commission Documents in your transaction.
Step 2: Click the view icon next to the latest version.
This will open a copy of the CDA. Please note the reference number at the top and the billing information at the bottom. Closing/Title/Escrow will use this to send the check after closing.
Commission splits do not add up.
If you see the error message below, you need to adjust the commission splits. Read below for step-by-step instructions or reach out to firstname.lastname@example.org if you get stuck.
How to fix:
STEP 1: Under Payment Participants, click Adjust Commission (%) / split
STEP 2: This will open the current commission split - and you should see the answer right away!
STEP 3: Adjust the commission splits accordingly, then click Update.
STEP 4: The error message should disappear and now you can click to Approve Commission Calculation.
STEP 5: If there are no other errors, don't forget to Send the Commission Document