In an effort to keep Hampton Roads Realtors®, agents, brokers and lenders up to date on title and closing issues, Reliant Title publishes a bi-weekly email. Our mission is to provide the very best settlement service, client support and training. Professional knowledge helps us all be more successful.
Do you want to get paid??? — Commissions are shown on the settlement statement. It is where you get paid. We want to get it right. Without a properly completed commission addendum, we are only guessing if we put the standard 3% / 3% split. More often than not we will get it wrong. And you know when we get the commission wrong, “nothing else could have been right”. Seriously though, we generally do not receive the addendum without asking. Many times the addendum is received and only shows the Selling Agent’s commission, and does not reflect the total commission. Assumption is that the Listing Agent therefore must not be getting a commission (Wrong assumption of course). Or the commission addendum shows a total commission of 3% and the Selling Agent’s commission of 3%. Wrong again! We need to know the total commission, and the Selling Agent’s commission.
When faxing/providing your contracts, always include your commission addendum.
Please call us at 493-7600 if you have any questions.
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