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Step 6: Close & Transfer Funds to Real

  • Updated

Congratulations on Closing! The hard part is over. Let's transfer funds to Real so you can get paid. 

Just to re-cap, you've completed the following:

  1. Entered the Deal in reZEN
  2. Uploaded all Documents on your Checklist
  3. Calculated & Approved the Commission
  4. Broker Approved the Transaction
  5. Sent the CDA

If these steps are complete, it's time to Close 🥳

Contents:

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Step 1: Close

Your closer should have a copy of the Commission Disbursement Agreement (CDA), which includes:

  • Everyone who needs to be paid on the transaction
  • The amount to pay each individual (in some States, you can be paid at the table by closing, in other States, Real will receive all funds and remit payment to you)
  • The reference number to include on the wire/check
  • The payment instructions for Real

If you had to edit or re-send your CDA, please make sure Closing is using the correct version by confirming the payment amounts on the CDA used by Closing match the latest version in reZEN. 

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Step 2: Send Closing Funds to Real

There are 5 ways to get payment to Real and some are much better than others:

  1. Best: Use Mobile Deposits to deposit funds with your phone
  2. Send a Deposit Link

  3. Wire Funds to Real. 

  4. Deposit at Chase Bank

  5. Mail the Paper check

Read below for instructions for each payment method. Once the funds have been transferred to Real, please Upload Closing Documents & Proof of Payment

How to Use Real Deposits

You can use Real Deposits to deposit a check made payable to Real from your phone or reZEN. 

  1. Click the Deposit Check button on your transaction. 
  2. Enter the deposit amount.
  3. Take a photo of the front and back of the check
    1. Use a dark background
    2. Use good lighting (turn your flash on)
    3. Make sure all four corners are visible

After the check is deposited, upload the closing documents to your checklist.

 

If your closing company sent an e-check, you can still deposit the check using Real Deposits.  Follow the same process above, and upload screenshots of the e-check to deposit.

  1. Take a screenshot of the check portion of the e-check document.
  2. If there is no "Back of the Check" on the document, simply upload a blank rectangle to represent the back of the check. You open THIS FILE, then right click on the rectangle and click Save Image As.  Then, upload that image in the Back of Check section.

How to Send a Deposit Link

You can also send a unique link to your Closing / Escrow / Title / Attorney office so they can deposit the check directly to Real.

1. Go to your Transaction and click Deposits

2. Then click Get External Commission Deposit Link

3. This will open up a module with a unique link and instructions. Send this link to your Closer.

4. When your Closer opens the link, they will be asked to fill out some information, including: their name (depositor's full name) and contact information, closing date, the check amount, and images of the check. 

Once this is submitted, Real will receive the funds and automatically match them to your transaction. After the check is deposited, upload the closing documents to your checklist.

How to Wire

The Commission Disbursement Agreement has Real's banking information at the bottom. Closing/Title/Escrow can use this to wire funds to Real. 

  • IMPORTANT REMINDER: Always include the reference number with the Wire. This helps the accounting team match the funds to your transaction.
  • Please note: Real will pay the incoming wire fees. 

After the wire is transmitted, upload the wire receipt to your checklist.

If all else fails, try a check

If you have a physical check, you can deposit it at a local Chase Bank.

Or mail it to our Newark, California office:

Real Broker, LLC, 

39899 Balentine Dr, Ste 200
Newark, CA 94560

DO NOT send the check to a local office. Our accounting team is in New York. 

Before you send the check, take a photo/copy of the check and upload it to your checklist in reZEN. Then, upload the closing documents to your checklist.

 

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Step 3: Upload Closing Documents & Proof of Payment

Don't forget to upload your final settlement statement & proof of payment to reZEN after you close. This helps our transactions team balance and close the file - so you can get paid quickly and we can close the file to update your Capping & Elite Status.

  1. Login to reZEN. Click on the transaction in question.
  2. Click Checklist and find the checklist items for Final Signed Settlement Statement. Upload the Final Signed Settlement Statement. This is the same process for uploading transaction Documents - Step 3: Upload Transaction Documents.
  3. Find the checklist item for Proof of Payment and upload this to the checklist. This is the same process for uploading transaction Documents - Step 3: Upload Transaction Documents.

These documents will have "Transactions" listed under the "Required For" column. 

 

Once the funds have been transferred to Real and your checklist is updated with the Settlement Statement and Proof of Payment, it's time for Step 7: Get Paid.

 

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