Detailed Instructions on how to have your commission wired to Key Realty from the Title Company
Updated Instructions - July 2022
We wanted to provide you with a quick update on how the wired commission payment process has been going and the new changes to the process.
First, we would like to thank each and every one of you who helped us launch this new commission payment service. Your patience, attention to detail, and support in helping us navigate and maintain this service are what have made it such a success. Since last November, we have worked with over 225 title companies that have wired more than 4,000 commission payments, saving our agents countless trips to the bank!
Since we have been able to thoroughly test and make the necessary adjustments to the system and sign up most major title companies for wired commission payments, we will no longer require agents to submit the title company setup form or require title companies to sign the wired commission payment agreement.
Starting Tuesday, July 12th, the Commission Wire Instructions will be available in the Dotloop templates in addition to the closing folder of any new loops created after 7/12/22. We recommend you share these with the tile company directly from Dotloop.
Dotloop Templates > Main Forms Folder > Key Realty Commission Wire Instructions
This new process will save additional time by allowing agents to send the instructions directly to title companies. The list of title companies with our commission payment instructions will still be available to review.
Verification of Wire Instructions
As noted in the instructions, should the title company require verbal confirmation of wiring instructions, the title company may call the agent or office manager to confirm the account information. If the title company’s policy requires a verbal confirmation from a corporate officer, please contact AgentSupport@KeyRealtyAgent.com to request a verbal confirmation from an authorized member of the Key Realty Corporate office.
While uncommon, any wire fees charged by the title company and deducted from the commission due to Key Realty will be the sole responsibility of the Agent. These fees, if applicable, typically range from $10-$35 per wire. Referral fees are to be calculated based on the total commission due to Key Realty prior to any fees deducted. We have found that less than 10% of the title companies we have worked with charge a fee.
Click Here to view current title companies we are working with.
Benefits and Overview:
- Commissions will reach Key quicker
- No more trips to the bank
- No more ACH delays from Title Companies
- More Secure Data
Q: What if I get a paper check sent to me for a referral, REO or other transaction?
A: You can deposit the check just as you normally would by using the account information located on the closing checklist. DO NOT deposit checks using the Wire Instructions.
Q: What if a paper check gets sent to the office?
A: Your manager will have the ability to make the deposit on your behalf electronically. No more coming to the office to get your check.
Q: What happens if “my title company” won’t wire?
A: All title companies send and receive wires. In rare cases, the title company will want to charge a fee. See Wire Fees comments above.
Rewatch the Wired Commission announcement from the 2021 Key Realty Special Event