Frequently Ask Questions:

 

 

How much does an advance cost?


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How can Commission In Advance help my business needs?

Commission in Advance is an effective way to get the money you’ve earned, without the long wait. We provide financial services to Realtors and Brokers by factoring commissions on residential property sales contracts, allowing you to manage your cash flow more effectively.

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Do I need to apply?

Yes, all agents applying for an advance must first complete our PDF application form completely and fax the entire application packet to Commission in Advance at 801-316-1525. Once we have received your application, your approval and funds will be available to you within 24 hours.


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How much of an advance can I receive?

If you qualify for an advance, Commission in Advance will pay you an advance of up to 80% of your net real estate sales commission, with a minimum advance of no less than $1,000.00 and a maximum advance of $5,000.00 per transaction and up to 90 days before closing.
You can have an idea of our partial fee schedule and use our Advance calculator to get an estimate of the costs for your advance here.


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Will my personal information be safe with your company?

We value your privacy and we understand how long and hard you have worked to build your professional reputation, so you may rest assured that none of your information will be shared, sold or distributed in any way. We will not inform any buyers or sellers involved in your transactions that you are working with us.


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Can I receive any tax benefits by using your service?

YES. When you use the proceeds of your advance commission exclusively for your real estate business, the cost can be tax deductible.


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How can I apply an advance on my commission?

Commission in Advance makes it fast and easy for you to get your commission for a property that is under contract. All you need to do is have access to the internet and a fax machine and you’ll have your commission approval in no time!

  • 1. Download the Commission in Advance Application form.
  • 2. Fill it out and sign it accurately and completely
  • 3. Fax the Commission in Advance Application form along with the documents listed below to 801-316-1525
    • * Copy of your completed sale contract (signed purchase agreement)
    • * Copy of MLS Listing – (If listed on MLS )
    • * Copy of pre-approval letter along with the name, contact name and phone number of the lender that has started the mortgage process (if applicable).
    • * The name, contact name and phone number of the attorney or title / escrow company that is closing the sale.
    • * Proof of address in the form of a utility bill.
    • * Copy of your Real Estate License

If you are applying for an advance for a new home construction, you will need the following documents:
  • * A copy of the purchase agreement.
  • * A copy of the approval letter from the buyer's lender.
  • * Verification of the buyer's non-refundable earnest deposit funds received by the builder or closing agent
  • * Copy of the commission agreement with the builder.

Once we have received the application, we will review it and notify you once the advance has been approved and when the funds will be wired to your account.


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What supporting information do I need to supply?

We will require for you to send the following documents along with the Commission Advance Request form:

  • * Copy of your completed sale contract (signed purchase agreement)
  • * Copy of MLS Listing – (If listed on MLS )
  • * Copy of pre-approval letter along with the name, contact name and phone number of the lender that has started the mortgage process (if applicable).
  • * The name, contact name and phone number of the attorney or title / escrow company that is closing the sale.
  • * Proof of address in the form of a utility bill.
  • * Copy of your Real Estate License

For New Home construction:
  • * A copy of the purchase agreement.
  • * A copy of the approval letter from the buyer's lender.
  • * Verification of the buyer's non-refundable earnest deposit funds received by the builder or closing agent
  • * Copy of the commission agreement with the builder.


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How can Commission In Advance help my business needs?

Commission in Advance is an effective way to get the money you’ve earned, without the long wait. We provide financial services to Realtors and Brokers by factoring commissions on residential property sales contracts, allowing you to manage your cash flow more effectively.


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How can I apply for an advance on my commission?

Commission In Advance service is immediate, and very easy to use. The service is done via the internet and fax. When you sell a single family residence and would like your commission tomorrow:

You fax us a signed Commission Advance Request Form, and a copy of the sales contract and mortgage pre-approval.


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How soon can I get the money?

Your funds will be wired to your nominated bank account within 24 hours from approval.


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How will I receive my commission advance?

Once your application has been approved, we will deposit the wire the funds directly to the bank account that you have specified on your application. This will be done within 24 hours from the time of approval.


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What can I use my money for?

Once Commission in Advance wires your money to your bank account, you can use it for practically anything that you need. Many of our customers use the money to pay for various office costs (i.e. desk fees, advertising, etc.), while others choose to use their funds for personal needs such as vacations, gifts, shopping and paying for household bills. The sky’s the limit to how you want to use your money!


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Can I get a commission advance on a HUD sale?

Yes, we definitely accept applications for commissions from HUD contracts!


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What happens if the sale falls through?

We understand that sometimes things don’t happen as planned, even with sales so if your sales. If a sale fails to close, we provide our clients with several options in order to repay the advance we have given:

  • - Submit a replacement sales contract.
  • - Re-pay the advance outright.
  • - A combination of the above.

How do I repay Commission In Advance?
You don’t need to worry about payment. Your Closing Agent (Title Company or Attorney) will pay Commission in Advance directly upon close of the sale.

You and your broker are required to sign the Application form that you will send to us upon applying for the advance. A copy of this form will be sent to the Title Company or Attorney who is in charge of closing the sale. This form will inform the company of your agreement with us, and of how they will disburse payment.


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What else do I need to provide with my application?

Along with the signed Commission Advance Request Form, you will need to include copies of the sale contract and mortgage pre-approval letter, and a copy of your Real Estate License.


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How do I repay Commission In Advance?

In the Application, you and your broker will sign a form; this form will be sent to the Title Company or Attorney that will be closing the sale. This form will inform the company of your agreement with us, and of how they will disburse payment. We will receive payment directly from the closing agent (Title Company or Attorney).


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Who do I call with questions about Commission In Advance services?

We are always happy to entertain questions from our clients. If you would like to discuss anything that was not discussed on our FAQs or the website, you may contact us through the following channels: Phone: 801.316.1595

Email: info@CommissionInAdvance.com


 

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