Whether you’re selling your home or assisting as a Realtor, the process can be incredibly rewarding. Naturally, both Realtors and sellers often ask, “When will I get my check?”
This is a reasonable question after the dedication and hard work involved in completing the transaction. And of course, everyone looks forward to payday.
We strive to ensure prompt payment to all parties, often on the same day the transaction closes. However, timing can depend on when the closing takes place, as most banks close by 5 or 6 pm and are not open on weekends.
With that in mind, here’s what you can expect regarding payment for your closing or commission if you were involved in finalizing the transaction:
If you’re expecting net proceeds from selling a home or a commission as a Realtor, you can typically expect to receive your check on the same or next business day. If you’re out of town, the check will be mailed out, so it’s a good idea to allow an additional day or two for delivery.
To expedite payment, try to schedule your closing from Monday through Thursday to avoid any delays caused by banks or offices being closed over the weekend.
It’s a common misconception that wire transfers are faster than paper checks, but that’s not always the case. The additional verification and approval steps required to safeguard against cyber fraud can delay the receipt of funds by up to 24 hours.
By understanding these factors, you can better plan your closing to ensure a smooth and timely payment process.
