Selling a house or helping someone buy or sell their home if you are a REALTOR, can be an exciting time. One of the most common questions we get from REALTOR’s and home sellers alike is “when will I get my check?”
This is understandable as there has been a lot of work and patience to get the transaction done. Plus, who doesn’t like a payday!
We make every effort to pay all the parties involved the same day the transaction closes. However, this can vary based on the day or time of day the closing occurs. For example, most banks aren’t open after 5 or 6 pm and are closed on weekends.
That said, here is when you can expect to be paid for your closing or your commission if you were part of helping a transaction become a done deal:
If you are owed net proceeds from the sale of a house, or a Commission as Realtor, you can usually expect a check to be cut the same day as closing documents are completely signed by all parties and funds are received from the lender and/or buyer.
Of course, if you are out of town, a check will be mailed, so estimate an extra day or two to receive it. Or you can opt to have your funds wired. There is usually a fee involved in having a wire transfer completed.
It is often assumed that Wire Transfers are faster than receiving a paper check. However, this isn’t always true. Wire transfers sometimes require more verification and approvals (due to cyber fraud) and as a result may even take an extra 24 hours to receive the funds. We do our best to get the wire out the same day of closing.