Guidelines for Handling Checks

This guide outlines specific guidelines and policies for handling EMDs, Commissions and other types of checks in the office.

GUIDELINES AND POLICIES FOR CHECKS

Any check in your possession must be deposited prior to departing work for the day.
Redwood Adventure, LLC does not hold checks on behalf of agents. If your office is in possession of a night drop box, those checks are collected and deposited daily, M-F.
In the event you receive an Earnest Money Deposit that is past a contract deadline, the ASM shall immediately notify the EVP who will in-turn notify their Principal Broker.
In the event you receive an Earnest Money Deposit/ First Month’s rent without a ratified contract/ ratified lease, please either give the check back to the agent or put the check in the agent’s mailbox and notify them.
Make sure that the back of each check is endorsed.
Confirm that the check is payable to Redwood Adventure LLC or Century 21 Redwood Realty
If you can’t find the property in paperless, send an email message to processing@c21redwood.com along with a copy of the check so they can confirm if the check needs to be deposited.
Deposit the checks as soon as received, do not wait until end of the day. Agent commission is delayed if the deposit confirmation is not sent by 4 PM to the paperwork email.

For Maryland, DC, Virginia contracts– deposit EMD remotely to Eaglebank Escrow account ending in 2567. Confirm that we have a ratified contract prior to depositing checks. For instructions on how make a deposit please read the guide “ How to Deposit a Check Using Eaglebank”

For West Virginia contracts- deposit EMD to PNC Escrow account # 5423281425. Since we don’t have a deposit scanner, please go to PNC Branch to deposit the check. Write “For Deposit Only” on the back of the check. Confirm that we have a ratified contract prior to depositing checks. Scan a copy of the EMD check first before going to the branch as they will only give a copy of the deposit slip.

Pre/Post Settlement Occupancy/ Escrow Repair Agreements- if the agreement noted a deposit to Century 21 Redwood, deposit the check remotely to Eaglebank escrow account ending in 2567.

Commission Check and Additional Commission Fee Checks (also known as Trans Fee/Admin Fee/Broker Fee)- deposit remotely in Eaglebank Operating account ending in 2559. Verify that there is no existing deposit in Paperless, there are instances that a stop payment was issued, and the funds were wired after the Title Company cut the check.

1st Month’s Rent and Leasing Fee (tenant side) Checks – deposit remotely in Eaglebank Operating account ending in 2559. Confirm that we have an executed lease prior to depositing checks. Please see the Guide “How to Deposit a Check Using Eaglebank” for instructions. NOTE: CENTURY 21 Redwood Realty does not collect Security Deposits and Rental Application Fees.

Miscellaneous Commissions- BPO/CMA checks, retainer fees, listing withdrawal fees, referral checks should be deposited remotely to Eaglebank Operating account ending in 2559.

Agent Expense Payments- deposit remotely in Eaglebank Operating account ending in 2559 (separate batch) then send the deposit confirmation to Commissions@c21redwood.com.

Toll Brothers/Builder Advance Commissions– deposit remotely in Eaglebank Operating account ending in 2559. This is an advance commission to agents for having a ratified sales contract with the builder. They are usually paying the agent $5,000 in advance as an incentive and the agent gets to keep the commission even if the contract is going to be released/fall thru. The $5,000 is deducted from the gross commission if the contract goes to settlement/closing.

Check for Sequoia Referrals – if you’re able to visit a PNC branch, please make the deposit to the following account: Sequoia Referrals, LLC, Account Number 5336106258. If visiting a branch isn’t possible, you can mail the check to Ashburn office, Attn: Accounting.

Want to know how to Deposit a Check into Eaglebank? Click HERE