What is commission advance?
A Commission Advance is a financial transaction where a real estate agent sells a portion of their pending commission at a discount in exchange for immediate cash. It is not a loan, but a service that allows agents to monetize a transaction without waiting until closing.

When should I consider taking a commission advance?
Quick Commission Advance provides responsible, short term commission advances to help Realtors who are experiencing cash-flow challenges. We do this without running credit checks.

Who is eligible for commission advances?
Quick Commission Advance serves licensed residential real estate agents who are affiliated with leading real estate companies across the United States.

What is the maximum amount you will advance?
The maximum amount we will advance is $15,000.

How do you pay my advance to me?
We will deposit your funds directly into your bank account.

How long does it take to receive my commission advance?
Typically, we will provide same day approvals. In this instance, you will receive your advance within 24 hours after your commission advance is approved.

What types of contracts qualify for a commission advance?
Commissions from the sale of single-family residential properties, including townhomes, qualify for a commission advance.

At what stage of the transaction can I advance my commission?
Ideally, all contingencies would be removed, but we understand sometimes you need an advance before that takes place. We will consider your situation on an individual basis, just let us know when your contingencies are scheduled to be removed.

How much commission can I receive as an advance?
We will advance you up to 80% of your commission.

Why only 30 days to close?
Closings greater than 30 days carry significantly higher risk. In order to provide advances quickly, with no credit checks or extended underwriting cycles we prefer closings within 30 days. We will consider your application on a case-by-case basis for closings greater than 30 days.

Do you perform credit checks?
No, we do not perform credit checks.

Will my request for a commission advance be confidential?
Your commission advance transaction will be kept confidential between you, your broker, and the escrow agent. We do not sell our customer's information.

Do you contact the Buyer or Seller?
The buyer and/or seller will not be contacted or notified of the transaction by us.

Does my broker need to register with Quick Commission?
No, brokers do not have to register with Quick Commission, however, we do require the broker to approve each advance request that an agent makes. All commissions are legally owned by the broker, therefore, we will not advance your commission without your broker's consent.

Is there liability for my broker?
No, your broker does not bear any risk with a commission advance. You are solely responsible for the repayment of the commission advance. If the transaction falls through, you are responsible for replacing it with future earned commissions. The broker is responsible for directing any future earned commissions by the agent to Quick Commission Advance. Alternatively we can set up a payment schedule to repay the advance.

Can I have multiple advances at the same time?
Yes, as long as you do not exceed advance limit of $15,000 you may take more than one advance at a time. Individual and multiple advances are subject to and limited by the underwriting process.

Do you have advances on short sales?
No, we do not provide advances on short sales.

Are there any application fees, wire transfer, or holding fees?
There are only the advance fees described in the agreement.

What happens if the sale falls through?
A commission advance should only be taken responsibly, when you have other means to repay the advance, in the unlikely event the subject sale was to terminate. This can be done simply by paying it off in full or in part, or by sending us a replacement contract to cover the canceled sale. If you choose to replace a canceled sale, you will be charged a new fee based on your original contract's advance fees.

How much does it cost?
For advances over $5,000 the fee is based on days to close.

Is there a minimum advance fee?.
For advances between $2,500 and $5,000 the fee is has been reduced by 10%.

Is the advance tax deductible?
Your advance fees are most likely tax deductible, making it even more cost-effective.(Always contact your tax professional for accounting and tax advice.)

How is Quick Commission Advance repaid?
The settlement company directs payment of the applicable funds to Quick Commission Advance when your sale closes. Your broker signs a disbursement form authorizing them to direct the portion of your purchased to Quick Commission Advance.