When a closing happens, it is paid either by single-check or split-check. Single Check means all commission payments must be remitted to Real (the Brokerage) and then Real will disburse payment to all agents on the deal. If your state allows it, you may be eligible for “Split Check” payment, where you can be paid directly at the table by closing/escrow/title, with Real’s portion remitted separately.
Single-check payment is when the escrow/title company or attorney remits the entire commission for one side of the transaction to the agent's brokerage. Then, the agent's brokerage disburses funds to all agents who are part of the transaction.
- If you live in a single-check payment state, or if you live in a split-check state but your transaction is not approved for compliance by your broker, you will see all funds going to Real on your commission document.
Split-check payment is when the escrow/title company or attorney remits separate payments to the agents and brokerage at closing.
- This means the commission document will reflect the amount that will be paid to any agents involved in the transaction and the portion of the commission that will be paid to Real separately
Check out the difference between a single-check CDA and a split-check CDA below:
You can always tell whether you live in a single-check state or a split-check state by going to the “Offices” tab in reZEN.
If you are licensed in a split-check state but would prefer to have all funds come to Real and have Real disburse your commission to you via Direct Deposit, you can learn how to opt-in to single check payment here: How do I opt-in to single check payment?