|C.O.D. – Commissions On
Demand - FAQ
can I apply to receive a C.O.D. – Commissions On Demand advance?
When you have an accepted unconditional purchase contract for a
residential property, town home or resale condominium. Sorry, but
vacant land, investment or commercial transactions do not qualify.
Does my broker need to register before
I can apply for a C.O.D. – Commissions On Demand?
Yes, in order to apply for a C.O.D.
– Commissions On Demand Advance, your broker
must be registered in our database. This can be done quickly by
calling 416-447-1818 or toll free 1-877-447-1818.
Do I need an account to apply for
Yes, all agents applying for an advance must first set up an account.
This can be done by calling 416-447-1818 or toll free 1-877-447-1818.
Will C.O.D. – Commissions On
Demand distribute or sell my personal information?
No, we respect your privacy. Information received by C.O.D.
– Commissions On Demand will not be sold or
How much of my commission can I receive
from C.O.D. – Commissions On Demand?
Up to 80% of your “net earned commission” is available
to a maximum of $7,500.00 per transaction. The remaining 20% is
not purchased by C.O.D. – Commissions
On Demand and is paid to you by your Broker as usual,
How many days before my closing date
can I apply for a C.O.D. – Commissions On Demand Advance?
You can apply for a C.O.D. –
Commissions On Demand Advance if the sale is closing
within 90 days from the date of your application.
How is my C.O.D. – Commissions
On Demand Advance delivered to me?
Delivery of funds can be made by cheque or deposited electronically
into your bank account.
How much will my C.O.D. – Commissions
On Demand Advance cost?
The cost is made up of a fee and discount rate, and is determined
by the amount that you would like to advance from your commission
and the length of time until your sale closes, plus a refundable
reserve. For a free quotation on price, please call 416-447-1818
or toll-free 1-877- 447-1818.
What is the reserve?
When you receive a C.O.D. –
Commissions On Demand Advance, the cost is set from
the day that you apply until the day of closing. To cover days after
closing, a reserve is held back from the net advance that you receive.
It is important to understand that the reserve is refundable to
you, depending on how quickly funds are re-paid after closing. The
reserve protects you in case a closing is delayed or amended. If
the sale takes longer to be repaid, a debit will exist in your account
that is adjusted on your next advance.
Is this tax-deductible?
Yes. When you use the proceeds of your C.O.D.
– Commissions On Demand Advance exclusively
for your real estate business, the cost is tax deductible.
What happens if my sale doesn't close?
Statistically, after a purchase contract has been signed, 98% of
residential sales close on schedule. But if a sale does fall through,
you should know that we have a straightforward policy. You are given
60 days from the original closing date to repay the full amount
of the commission purchased.
How do I apply for a C.O.D. –
Commissions On Demand advance?
Your first step is to create an account by phoning our office. After
your account has been set-up, you can visit our web site at www.commissionsondemand.com
any time of day or night to enter the information for the sale on
which you would like to receive an advance. Entering this information
online is a straightforward process that takes less than five minutes!
Once completed, a C.O.D. – Commissions
On Demand Assignment Agreement is faxed to you.
The Agreement must be signed by you and your broker. Then simply
return the signed agreement by fax, along with your supporting sale
information. We’ll review your paperwork and notify you if
your C.O.D. – Commissions On
Demand advance is approved, at which point a “Commission
Assignment Offer” will be faxed to your office. If your request
is declined, or if there is missing information, a customer service
representative will call you directly.
What supporting sale information do
I need to supply?
Along with the signed C.O.D. –
Commissions On Demand Requisition
Form, you will need to include the following supporting sale
• A copy of your completed sale contract, including all schedules,
waivers, proof of deposit, and MLS Listing (if any).
• A copy of the final "Trade Record Sheet" showing
the breakdown of commissions, signed by both you and your broker.
• The name, contact name and phone number of the lawyer(s)
handling the sale.