When do I hand in my deal?
Immediately after it is signed by both Buyer (Tenant) and Seller (Landlord), even if it is a conditional deal.
How do I hand in a deal?
By email, directly into SkySlope or in person
- Don Mills: [email protected]
- Downtown: [email protected]
- Mississauga: [email protected]
Yes. Please ask anyone in the deals department to send you the Trust Account Wire Transfer information.
We will hold your cheque until the file is complete.
Depends on the deal:
Our Listing (we have more deposit than Total Commission Owed)
SALE: 1–2 days after confirmation of Closing is received from Lawyer
LEASE: 1–2 days after Lease Closing Letter Received from Listing agent
Our Listing (we have Less Deposit than Total Commission Owed)
SALE: 1-2 days after we have received balance of commission from Lawyer
LEASE: 1-2 days after we have received balance of commission from Landlord
Other Broker Listing
SALE & LEASE 1-2 Days after we receive a commission cheque from the Listing Brokerage.
YES! We offer EFT payments directly to the agent’s bank account.
Signature Realty has implemented the option for EFT in our accounting software. It is not mandatory to be paid by EFT, it is simply your choice on how you would like to receive your commission. You can either receive cheques or provide your banking information for EFT.
Some things to note when deciding whether you would like to receive your commissions by EFT or remain receiving cheques: EFT is not instant. Which means, once the deal is processed by admin you will receive the EFT funds in your account the next day. The convenient part is the funds are deposited directly in your account for you.
If you wish to be included for EFT please provide the following information:
- Bank Name
- Institution # (3 digits)
- Transit # (5 digits)
- Account # (usually 7-10 digits)
- Type of account (Chequing or savings)
You can also provide the information with a void cheque or email the information. Please make sure to indicate the type of account if handing in a void cheque.
Before we can do anything, with your PREC it must be registered with RECO.
In order to Register with RECO, I need the following:
- Articles of Incorporation for your PREC
- The PREC agreement with Signature Realty (will be sent to you by DocuSign)
- The HST Number for your PREC – Different than your personal HST#
Once you are registered with RECO, we need the following in order to start paying your PREC instead of you personally
- EFT information for PREC
- Exact date you would like us to start paying your PREC – we will go by the date you specify..
Because the time in the mail is added to the time it takes to process your cheque.
The most time in payroll processing, is spent waiting for the commission cheques to arrive in our office. We request the agents pick up the cheques from the Lawyer or Listing brokerage (if it’s convenient) in order to cut down the time the cheque is in the mail. Canada Post can take up to 3 weeks to deliver some mail. Meaning it adds the 3 weeks after closing, to the time before we can process your cheque.
No, the cheque is made out to Royal LePage Signature Realty. You can only be paid by Royal LePage Signature Realty.
Because the Brokerage is the entity doing the deal and we pay you as our Agent.
YES: (referenced as HST Contra on your cheque stub, does not show on Trade Record)
- At the agent’s request we will hold the HST they have earned on their commissions. This program is completely voluntary and you may enter and exit at any time by email or written request.
- We will cut a cheque quarterly to the agent, for the full amount we are holding, however we can also do it annually or hold all funds until the agent requests it. (Agent must specify preference)
At any time, the agent may request all or part of what we are holding and can be paid by EFT if they are set up to receive payments that way
Note: We DO NOT remit any payments for HST to the government for our agents, it is solely their responsibility. When we cut a cheque from this account, it is directly to the agent, not to the government.
YES (Holdback on your cheque stub and Trade record)
- At the agent’s request we will hold a percentage of their commissions, set by the agent. The program is completely voluntary and you may enter and exit at any time by email or written request.
- We will cut a cheque quarterly to the agent, for the full amount of what we are holding, however we can also do it annually or hold until the agent requests it. (Agent must specify preference)
At any time, the agent may request all or part of what we are holding and can be processed by EFT if the agent is set up to receive payment that way
Note: We DO NOT remit any payments for Taxes to the government for our agents, it is solely their responsibility. When we cut a cheque from this account, it is directly to the agent, not to the government.