Frequently Asked Questions
What is a Commission Advance?
We purchase your Commissions at a reasonable and affordable discount so that you can advance the date upon which you receive payment of your Commission. You get paid ahead of closing. We call this service a Commission Advance.
Why should I advance my commissions?
As a real estate agent, you are in business as an independent contractor. Your unpaid commissions are “receivables”. Commission advances are a very cost-effective way to finance your business so that you can stay ahead of your sales opportunities, selling costs, and personal expenses whilst you are waiting for a deal to close to get paid out. (Many businesses from other industries use the sale of their receivables as an effective and fast way to fund their operations.)
We are the leading Canadian Commission Advance company having advanced commissions on over $8 billion worth of real estate deals to date. With us, you are choosing a long-established supplier who already services many of Canada’s top agents. Our customers know that they are working with a highly efficient supplier who advances on all types of deals with no dollar value restrictions* in a super- fast manner working with a state-of-the-art system. The Brokerages we work with love our system and service as we make it easy on their end with our state-of-the-art proprietary software system.
How quickly can I set-up a new account with AccessEasyFunds?
Our professional and dedicated team is on stand-by to have your account set up as fast as possible. Our commitment to you is to have your account set up and approved to do advances within one hour (during normal business hours) of receiving your new account application form with all other required account applications documents. To set up a new account please click here.
How quickly can my advance get processed?
Extremely fast: Our commitment is to process your advance request and send out a Commission Purchase Agreement (our contract) within one hour of receiving a complete Commission Advance request (during our normal business hours). Provided we receive the Commission Purchase Agreement duly signed by both you and your Brokerage (with no missing information or documentation) by 4:30pm EST Monday to Thursday, you will receive funding directly in your bank account overnight or the next morning depending on your banking institution.
On a Friday or any day preceding a banking holiday, we want you to receive your funds ahead of the weekend. If we receive the Commission Purchase Agreement duly signed by both you and your Brokerage (with no missing information or documentation) by 1:00pm EST, you will receive funding directly in your bank account prior to midnight that night*. Should you only happen to submit us the final paperwork between 1:00-4:00pm EST on these days, you will receive funding directly in your bank account on the Monday morning, or the next business day as applicable.
(We remit funds same-day by Electronic Funds Transfer. Some delays may occur if your account is not with one of Canada’s top tier financial institutions.)
Does my brokerage need to be registered with you?
We are the approved advance supplier to many brokerages across Canada. Chances are your brokerage is already registered with us. In the event that your brokerage is not set up on our system, our team will set them up on our system quickly when setting up your agent account.
Does my brokerage need to sign anything?
Yes. We do require both you and your brokerage to sign our Commission Purchase Agreement.
When can I apply for a Commission Advance?
You can advance your commission at any time from the moment your deal goes firm (all conditions have been waived). Please note that we do not advance commissions on deals shortly before, or after, they are scheduled to close.
What type of real estate transactions do you advance commissions on?
We advance on all types of real estate deals*. Including, but not limited to, residential resales and leases; commercial sales and leases; industrial sales and leases as well as new home and new/pre-construction condo sales. For inquiries on any other type of transaction, please contact us directly to discuss.
Is there a minimum size commission that you advance?
Is there a maximum size commission that you advance?
How much of my commission can I Advance?
Up to 95% of your NET commission payable (before HST/GST) on residential resale deals, and up to 80% of your NET commission payable (before HST/GST) on all other types of deals.*
Are your advances restricted to a closing within 90 days?
Unlike other advance companies, we do not have any restrictions or limitations for the timing to closing. We will consider all deals, even if there is a long closing.*
Do you require a minimum size deposit?
No. Unlike other advance companies, we do not require a minimum size deposit. We understand that each deal is unique, and we will consider each and every deal accordingly.*
Will you check my credit history?
We do not do any credit checks on your personal credit history.
Where is your service available?
We advance all across Canada, with the exception of Quebec. For advances in United States, please click here.
Do you advance in the United States?
No, but we have developed a strategic alliance with Premier Commission in the US. For more information, please click here.
Will I be treated with the utmost confidentiality?
Are there any reserve holdbacks?
No. Our pricing is highly competitive with no hidden costs and no reserve holdbacks! All our fees (charges) will be completely transparent to you in our contract.
Are there any admin fees?
No. Our pricing is highly competitive with no admin fees and no hidden costs!
Are there any application fees or account set-up fees?
No. Our pricing is highly competitive with no hidden costs!
How much does a Commission Advance cost?
We charge a flat daily discount rate with no hidden fees. To view our current rates please click here.
How do you fund my advance?
We will fund your advance by Electronic Funds Transfer (EFT). This is our preferred method as it is the most efficient way to get you your cash.
Do you work with new agents?
Yes, we work with many new agents to help them grow their business and sales.
Do you advance brokers of record?
We do not advance Brokers of Record (broker owners) of small brokerages. We will consider advancing Brokers of Record (broker owners) of larger brokerages on a case by case basis. Please call us to further discuss.
Do you advance on commercial/industrial deals?
Yes, we advance commissions on most commercial and industrial deals*.
Do you advance on Condo/Pre-Construction deals?
Yes*. We will advance the initial (first stage) commission installments provided there is no claw-back clause in the co-op broker agreements (commission referral agreement). We do advance on the final commission (installment) due on closing at a stage that your client takes occupancy of the unit, and the developer has filed an application to register the condominium corporation.
Do you advance on new home construction?
Yes*. We will advance once the construction has started and there is a frame on the home.
Can I advance more than one deal at a time?
Yes, that is no problem! We have no maximums on the number of advances you can carry concurrently with us at any one time.*
How do you collect your charges?
We deduct all our charges (fees) from the Purchased Commission amount, and fund you the net amount which we refer to as the “Purchase Price”.
Are your fees tax deductible?
Many of our customers do deduct our fees for income tax where they are using the advance for business purposes. We strongly suggest you first discuss this with your accountant. At any time, and at no charge, you can request from us to generate for you an annual commission advance summary statement showing all fees paid to us for that year.
How do I repay you the Purchased Commission?
Our commission purchase agreement provides for your brokerage to remit to us the payment for the Purchased Commission after closing.
What happens if the closing date on my deal is extended?
Our team recognizes that from time to time deals may get extended. It is very important that you notify us of any changes to a deal’s closing as soon as you first learn of the change. We will evaluate the reasons and background to the closing extension, and require a copy of a valid executed extension. If we are comfortable with the extension, we will extend the Payment Due Date to coincide with the new revised closing date. An additional charge, which we call an Extension Fee will apply.
What happens if my deal does not close?
Whilst most sales do go through, we recognize that from time to time a sale may fall through. Our commission purchase agreement provides for this. You can simply repay the Payment obligations to us when this occurs. However, we do understand that you may not be in a position to repay the file straight away, and we are here to work with you to ensure you are still able to run your business (provided you are fully co-operative with us). We will establish a payment plan that will provide for a repayment of all payment obligations over a three-month period through interim payments and/or off-setting future advances/commissions.
Is my brokerage liable if my sale falls through?
No – Our Commission Purchase Agreement disclaims the brokerage in the event the Property Sale falls through; or your brokerage does not collect your commissions; or there is a shortfall in the commissions.
*Subject to Qualification and/or Banking Processes