When a deposit is paid on the exchange of Contracts, it may be held by the Seller's Solicitor as "Stakeholder".
In this example, the balance of the commission will be held in the agency's trust account.
Update the status to Account Sale.
On the Account Sale page, untick "Pay Now" as the commission will not be taken today. Set a diary reminder to draw the commission on the relevant date
Verify Address Details
Update the Deposit Release to Stakeholder
Selecting Process will create a single EFT payment to the Vendors Solicitor for $30,025.00
The status is now updated to Account Sale, with a commission invoice for $29,975.00 generated.
The trust balance is reduced to $29,975.00.
This will be drawn as commission on the 15th of August
When it is time to draw the commission, process a New Trust Payment
An eft payment to "Us" for the amount of $29,975.00 will be created.
Save the record
All funds have now been disbursed, with the commission amount being received
The trust balance is Nil as all funds have been disbursed
The status can now be updated from Account Sale to Completed
Completing the sale releases the commission amounts to the agents
For more information on agents' commission statements refer to:
Agents- Create and Print Pay Sheets
