Pay Agent Directly at the Closing Table - Redwood Policies and Procedures

This guide shows guidelines, restrictions, and Redwood policies for agents who prefer to be paid at the closing table.

How can I get paid at the closing table?

As an agent, you will need to request for the Commission Disbursement Authorization Form (CDA) from the CENTURY 21 Redwood Corporate office at least 7 days before closing. Click here to make the request.

What are the requirements prior to filling out the CDA request form?

You will need to have the following information ready: Estimated close date, Settlement Company (name of Company, contact person name and email). The checklist attached to the paperless file must be completed including the Coversheet, signed Referral Agreement (if applicable), signed Broker Credit Letter (if applicable).

How will the commission show on the Settlement Statement?

There will be at least 2 commission lines on the Settlement Statement. First line is the commission line item to Century 21 Redwood Realty (as the Broker commission) and the second is the commission line item to the agent name (as the Licensee’s commission). In addition to the 2 line items, the Transaction Fee paid by the client(s) can still show as a separate line. If you are splitting commissions with other Redwood agents, both net commissions will be showing as another line item as well.

IMPORTANT NOTE TO AGENT:  All parties on the Transactions including the buyers, sellers, agents/broker representing the other side of the transaction, lender,  and title companies (both on list and buy side) will be able to see your net income as the agent. You must be aware of the full transparency showing from the Settlement Statement before requesting to be paid at the table. Click on the hyperlinks below for sample commission lines from the ALTA.

Settlement Statement – 1 agent on 70/30 split

Settlement Statement – 2 agents on different splits and expenses

Will I be charged additional fees for opting to be paid at the closing table?

CENTURY 21 Redwood Realty will not charge you additional fees aside from the standard deductions incurred on a transaction (click here) to show the standard deductions/commission breakdown). If the agent will request to be paid via wire and the Settlement Company will allow it, they may charge the agent a wire fee. Additionally, the agent’s financial institution may also charge an incoming wire fee (check with your bank to confirm the fees).

What are the process that will be expected from different parties?

C21 Redwood Agent Process:

• 7 business days before closing: 
  • Must have a complete paperless file (Broker Agreement, Sales Contract, Required Addenda, Coversheet, Referral Form – if applicable, Credit Letter – if applicable)
  • Coversheet must be completely filled in with  information about commission percentage, referral fee, credit amount, splits info to other Redwood agents
  • Send a request for CDA form through this link: click here
  • Commissions will send the commission breakdown to the agent, agent must confirm that the information and numbers are correct. (NOTE: No changes will be approved after confirming that numbers are correct and CDA was sent to Settlement Company)
  • Final CDA will be sent to Title Company by C21 Redwood Commissions Department
• 3 days before closing:
  • Confirm that closing is on time
  • Send a preliminary Settlement Statement to processing@c21redwood.com
• Day of closing:
  • Final Walk Through and Execution of Settlement Statement
  • Settlement Company will give the check to C21 Redwood Agent (or send via wire if approved)
  • Settlement Company will send the wire to C21 Redwood for Broker’s portion (or give the check to agent to turn into the C21 Redwood office – agent MUST turn in the check to the office on the same day!)
  • Agent or Settlement Company to send the Executed Settlement Statement (ALTA) to processing@c21redwood.com
  • Agent to send the Final Walk Through Form or Adverse Consequences Form if client did not perform a walk through
  • C21 Redwood Commissions Department will process the closing. Agent will receive the Commission Notice Email. No ACH/ direct deposit will be sent to the agent by C21 Redwood Realty.

If you have any questions with the process, you can email processing@c21redwood.com.