Frequently Asked Questions

General FAQ’s:

What is commission advance?

Commission advance is getting paid today for a portion of your earned commission before the closing date on a real estate transaction. For example, if your real estate transaction is FIRM today but not closing till next month or so, you can get an advance paid, on a portion of the earned commission, ahead of time for a fee.

Why use Urban Realty for commission advances?

Since we provide this service only to our own brokerage REALTORS®, it is the most convenient, fast and low-cost option for you. Not only can you get the needed money within minutes and conveniently but also the cost to borrow is one of the lowest and without any kind of admin fee or setup fee. So, you can focus on growing your business.

Set Up FAQ’s:

What is the setup procedure?

The best part is that there is no setup required. Since you are one of our own REALTORS® all you must do is contact us and give us the details of the transaction you want the advance on. If your required documentation* on this file is up to date and complete, you can walk into the office and pickup your advance right away.

When can I apply for a Commission Advance?

Anytime after the deal goes firm (all conditions have been waived) and we have all the required documentation on file for the real estate transaction?

Are there any setup fees?

No setup needed therefore No setup fee or admin fee.

Do you conduct credit checks?

No, we do not.

Do you advance on commercial, pre-constructions or new builds?

Mostly, Yes. But please contact our office for final decision.

Amounts and Costs FAQ’s:

How much can I borrow?

You can borrow 95% of your earned commission up to a maximum of $9500 per transaction.

How soon can I get the money?

If all the required documentation* for the transaction have been received by our office, then within minutes.

How much will it cost me?

We charge a flat rate of $0.65 (sixty Five Cents) for every thousand dollars advanced, per day, plus 7 days. Our fees and deductions are completely transparent and calculated before hand. You can calculate the exact costs here CALCULATOR

Can I have multiple commission advances with you?

Yes. But please contact us directly for more details.

How do you fund my advance?

We write you a cheque for commission advance requested, right away. We can also do an ETRANSFER to you, depending on the amount.

How do I pay back the advance?

When we receive your actual commission on the transaction, we will keep the advanced amount paid to you already, plus the calculated fees to date, and pay you the balance.

Are your fees TAX deductible?

Most of our REALTORS® deduct them as business expense. But we do suggest discussing it with your accountant first. We provide you with a deduction summary along with your advance which you should safely keep for your Income Tax purposes. Re-issuing this statement is time consuming and an extra charge of $50 might apply.

What if the transaction doesn’t close on time? Or it collapses?

Don’t worry. We understand that sometimes things get out of your control or go wrong after the conditions have already been met and your commission advance has already been made. In this case, please contact us immediately and we will work with you to find a reasonable solution.

Why are you cheaper than everyone else?

We are providing this service only to help our brokerage REALTORS® and not to make profits. The fee we charge is enough to cover our expenses and risks in providing the service.

Documentation FAQ’s:

Will my information be treated with confidentiality?

Absolutely. Although we already have most of yours and your client’s information with us, we treat all the information with discretion, confidentiality and privacy.

*Required Documentation

What real estate documentation is required for commission advance?

Following information and paperwork is required to confirm a commission advance payment to you:

  1. Consumer Relationship Guide (CRG).
  2. Correct Offer to Purchase.
  3. Correct FINTRAC ID’s.
  4. Copy of deposits.
  5. All Amendments and Addendums concerning the Purchase Price or Commission adjustments.
  6. All WAIVERS.
  7. Trade Record Sheet (completely and correctly filled).
  8. Commission Advance Form (accepted and signed).
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