Closing & Commission Process

Complete the Closing Notification

When your closing gets scheduled, fill out the Closing Notification form in your loop with the pertinent details of the transaction.

 

Submit for review

Ensure you have all required documents in your loop and “Submit for Review.”

 

Verify your loop is compliant

You will be notified when Admins update the review stage of your loop. Verify that all folders have been “Approved”. Admins will not disperse commission until all folders are “Approved”. Submit your loop for review again if you have to add or update any documents.

 

Request Broker Package

Request that the title company you close with emails the closing package to office@616realty.com. No paper copies, please.

 

Commission Statement email

Once your file is approved and we have received the broker package and check from the title company, you will be emailed a Commission Statement from BrokerSumo which details your payment. Please check your spam if you do not receive the email.

 

ACH Notification email

You will receive an email from Mercantile Bank notifying you that an ACH payment has been initiated and will be deposited into your account the next business day.

 

Loop is Closed

Admins will upload a copy of the closing package, title company check and commission statement to the loop for your records. Admins will change the status to “SOLD” and tag your file as “CLOSED”.

 

If you closed but haven’t been emailed a Commission Statement….

• Verify with the closer at the title company that the closing documents have been emailed to office@616realty.com and the check has been delivered to the 616 REALTY office.
• Check the task lists in your loop and verify that all required documents have been submitted and are compliant, and folders are approved.