Every couple of months, we like to shed some light on an intricate piece of Equity’s Commission Payroll Process: the Payroll Cutoff and the timing of when your commissions are paid! Be sure to check out our YouTube Channel for detailed tutorial videos outlining the paperwork submission and payroll processes. The information outlined below is pretty specific, so you may need to watch the full tutorial videos to connect all of the dots.
- Pre-Closing Basics: In order for Equity to process your commission, you must submit all of your transaction paperwork 3 - 5 days prior to closing (Listing Packet, UC Packet, or Buyer Packet). Doing so ensures that our Compliance Team has plenty of time to review your paperwork and round up any missing documents or signatures before closing if needed. If your paperwork is not approved prior to closing, the payout of your commission will likely be delayed.
- Post-Closing Basics: The work doesn’t completely stop after closing… In order to get you paid, Equity’s Payroll Team needs a copy of the final signed Settlement Statements and your completed Commission Disbursement & Wire Instructions Form from the Title Company. If the Title Company fails to send these documents, it will cause a delay in your payout — we can’t locate your wire (nor do we know the closing has been completed) without receiving these two documents. Be sure to follow up with the Title Company a few hours after closing and have them send those two items to our Payroll Team (CoPayroll@Equity-USA.net). Here’s a more in-depth overview on this.
- Payroll Cutoff & Timing of Payouts: It’s important to note that all banks stop sending wires at 2pm each day. Therefore, Equity has instated a payroll cutoff of 1:30pm each day. If the final Settlement Statements and Commission Disbursement Form are sent BEFORE 1:30pm, our Payroll Team will process your commission that same day and the funds will arrive in your account the next business day. However, if the Settlement Statements and Commission Disbursement Form are sent AFTER the 1:30pm cutoff, our Payroll Team will process your commission the following business day, with the funds arriving in your account the following business day (2 business days total).
It’s important to keep this cutoff in mind to ensure a transparent understanding of when your commission will arrive in your bank account. We are happy to answer any questions and assist with this process however we can!
DENVER Payroll Team: COPayroll@Equity-USA.net
$120 Brokerage Administrative Fee Is Now In Place
