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Step 7: Close & Wait for Commission Funds - Canada

  • Updated

It's Closing Day. Now we need to wait for Commission Funds so Real can process your deal. 

As a reminder, before closing, the following must be completed:

  1. Step 1: Enter your deal in reZEN - Canada
  2. Step 2: Upload Documents to Checklist - Canada
  3. Step 3: Deposit Trust Cheques - Canada
  4. Step 4: Broker Approval for Conveyance - Canada
  5. Step 5: Approve Commission & Trade Record Sheet - Canada
  6. Step 6: Conveyance & Final Broker Approval

If these steps are complete, we can close.

If you have any questions before or after closing or need help with Conveyance Instructions, Lawyer Letters, Commission Invoices, Release Letters, Confirmation of closing, Excess funds instructions, Excess Instructions, or Disbursement Instructions, please contact the Conveyance Team for your Province:

After closing, please instruct the Lawyer / Commission Payer to electronically deposit the commission cheque with Real, using the instructions below. We are unable to pay you until we have received Commission Funds from the Commission Payer.

How to Deposit Commission Cheques:

These instructions are for commission cheques only. If you are trying to deposit a cheque into our trust account, see: Step 3: Deposit Trust Cheques - Canada

We make it easy to electronically deposit funds - so you can get paid quicker. You have two convenient options:

  1. If you have a copy of the cheque, click Deposit Real's Cheque in your transaction and take a photo - how to use mobile deposits
  2. If the lawyer has the physical cheque, click Get External Trust Deposit Link and share a unique link with the lawyer, who can take a photo to deposit the cheque in Real's bank account - how to use external trust deposit link

If these options do not work for you, see - manual cheque process.

How to use mobile deposits

Watch this 4-minute video, or keep reading for step-by-step instructions:

Step 1: Once a transaction is ready to close, click the “Deposit Real's Check” button to begin the process.

 

Step 2: If you haven't closed yet, you will be asked to certify closing

Step 3: Type in the check amount and upload photos of the front and back of the checks. Click “Preview Deposit”.  

Step 4: A confirmation screen will appear. Please keep the check for at least 90 days for administrative purposes. 

You're Done! That's it! You will see the cheque in the Deposits section of the transaction in reZEN. If your deposit is not confirmed within 24hrs, please contact your Provincial Deposits Team:

Once the commission funds are deposited, our team will complete Step 8: Confirm Funds & Pay Agent - Canada.

How to use external trust deposit link

If the lawyer or someone else is holding the physical cheque, you can send a unique link so they can electronically deposit the cheque.

Step 1: Go to your Transaction and click Deposits

Step 2: Click Get External Commission Deposit Link in the Commission Section. This will open up a module with a unique link and instructions.

Step 3: Copy the link & send it to the Lawyer / person holding the commission cheque.

Step 4: When the lawyer / person holding the commission cheque 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 cheque amount, and images of the cheque. 

Once this is submitted, Real will receive the funds and automatically match them to your transaction. For more information, see: Step 8: Confirm Funds & Pay Agent - Canada.

 

Manual cheque process

If you are unable to deposit through reZEN, you can deposit cheques the old fashioned way. Please see the instructions for your Province:

These instructions are for commission cheques only. If you are trying to deposit a cheque into our trust account, see: How to Deposit Cheques into our Trust Account - Canada.

Once the commission funds are deposited, our team will complete Step 8: Confirm Funds & Pay Agent - Canada.

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