Step 5: Approve Commission & Trade Record Sheet - Canada

Before Conveyance, you must review the transaction to make sure everyone who needs to be paid is listed. Then you must approve the commission calculation and click Approve for Trade Record Sheet Generation to let the Conveyance team know your file is ready. For best results, approve your commission once all financial terms are confirmed (i.e. after transaction is firm). 

Contents:

• When to Approve Commission Calculation?
• How Do I Approve the Commission?

See also: How do I edit the Commission Calculation after I Approve it?

When to Approve Commission Calculation:

• Have you already entered your deal in reZEN? If not, see Step 1: Enter your deal in reZEN - Canada
• Confirm all financial terms are finalized. This is the step where you will finalize the transaction participants, payment participant and commission details. Once you complete this step, you will need re-validate your commission if anything changes. 

If you see this status on your transaction, you need to approve your commission calculation:

How do I approve the commission & Trade Record Sheet?

This is all a fancy way of saying: make sure everyone who should be paid on the deal is listed on the deal. Please follow the steps below. 

Step 1: Confirm all splits are correct

In most cases, you already entered this information when you entered the deal in reZEN. If you need to make an update, click below for step-by-step instructions:

• Make sure all co-agents, team members, and team leads are listed with the correct split. How to add a co-agent, team member, or team lead.
• If you need to pay a referral, it should appear here. See: how to pay an agent for a referral.

Step 2: Confirm all fees, rebates, and reimbursements are entered.

Enter any transaction coordinator fees, rebates, reimbursements, and additional commission amounts need to be entered here. See: how to enter additional fees & rebates.

Step 3: Confirm your net payout is correct.

Check your net payout and make sure it looks correct. If you have any questions, please reach out to supportCAD@therealbrokerage.com so we can help you understand the fees.

Step 4: Confirm the Commission Payer

This is the name and contact information for the party who will pay the commission on closing. If you are not sure, please see: Who is the Commission Payer - CAD.

Step 5: Confirm Contact Information for Buyer, Seller, and Lawyers

You. must have the address and contact information for the Buyer, Seller, and both Buyer & Seller's Lawyers. To view this information, scroll down to the Other Participants section of your transaction and click the pencil icon () to view and edit. 

Step 6: Approve Commission Calculation

If everything looks correct, you can click Approve Commission Calculation. 

• PRO TIP: Wait until the transaction is firm to Approve the Commission Calculation. Once you complete this step, you will need re-validate your commission if anything changes.

Step 7: Confirm Trade Record Sheet (Ontario + BC Only)

Once you approve the commission calculation, please click Confirm Trade Record Sheet. Click Yes, please continue on the popup. This will let our Conveyance team know the file is ready to be conveyed. 

That's it! Once this is complete, the status on your transaction will change to Trade Record Sheet Confirmed (see below). This means we are ready to convey the file. It's time for Step 6: Confirm Trade Record Sheet.