Selling a house or helping someone buy or sell their home if you are a Realtor, can be an exciting time. One of the most common questions we get from Realtors and home sellers alike is “when will I get my check?”
This is understandable as there has been a lot of work and patience to get the transaction done. Plus, who doesn’t like a payday!
When will I get paid?
We make every effort to pay all of the parties involved quickly, oftentimes the same day the transaction closes. However, this can vary based on the day or time of day the closing occurs. For example, most banks aren’t open after 5 or 6 pm and are closed on weekends.
That said, here is when you can expect to be paid for your closing or your commission if you were part of helping a transaction become a done deal:
- On the day of closing, by check or wire, if there are no open matters of concern as between the parties and/or the lender.
- If a wire is requested and the timeframe for wiring has already expired with our bank, e.g. after 4:00 P.M. on a business day, the funds will be released on the next business day.
- If the transaction requires a funding number from the lender, proceeds will be disbursed once the funding institution has cleared all signed documents as acceptable.
- If the closing involves a refinance of the original debt, disbursement will follow the rescission date, unless it is a refinance involving an investment property. A closing involving a refinance of an investment property is subject to the same disbursement terms as a traditional closing.
Sellers & Realtors
If you are owed net proceeds from the sale of a house, or a Commission as Realtor, you can usually expect a check to be cut the same or next business day.
Of course, if you are out of town, the check will be mailed, so estimate an extra day or two to actually receive it.
If you’d like to receive the funds very quickly, it might be a good idea to select a Monday-Thursday closing date. This way you shouldn’t have to wait until the following week if banks or offices are closed.
Paper Check vs Wire Transfer
It is often assumed that Wire Transfers are faster than receiving a paper check. However, this isn’t always true. Wire transfers sometimes require more verification and approvals (due to cyber fraud) and as a result may even take an extra 24 hours to receive the funds. Should you desire a wire, please note that we can do so, subject to payment of wire fees.
