End-to-end Payouts

End-to-end Payouts


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Prerequisites

  • You must be logged in as an admin/broker

Steps to payout

  1. Navigate to the Deal, enter/update details in your Detail page/Details/Property Address/Dates/Financial Sections

  2. Add all parties to the deal https://support.loft47.com/portal/en/kb/articles/adding-people-to-a-deal

  3. Add Commissions https://support.loft47.com/portal/en/kb/articles/entering-commissions

  4. Assign Allocations https://support.loft47.com/portal/en/kb/articles/managing-allocations

  5. Navigate to the Deduction menu, verify automatic deductions if set up. If not set up, add and/or override any deductions.

  6. Add any funds received matching the details that happened at the bank level. https://support.loft47.com/portal/en/kb/articles/how-to-add-a-deposit

  7. Optional, if holding more funds than you will be disbursing Release the excess. https://support.loft47.com/portal/en/kb/articles/how-to-release-excess-a-deposit-or-refund-a-party

  8. Optional, if the Deposit is held in a Trust/Escrow account where commissions are NOT paid from. Transfer those funds to the account Commissions are payable from. https://support.loft47.com/portal/en/kb/articles/how-to-transfer-funds

  9. Pay your agent(s), Cooperating Brokerage(s) (if applicable) from the Payout Commission page. https://support.loft47.com/portal/en/kb/articles/paying-out-a-deal

  10. If your agent(s) are paid via a Title or Escrow Company, you can set your payout to 'Not Payable'. https://support.loft47.com/portal/en/kb/articles/setting-a-payout-as-not-payable

  11. If your agent(s) are paid in more than one payout per deal (pre-sales, monthly payouts, etc) you can pay them out partially. https://support.loft47.com/portal/en/kb/articles/partial-payout

  12. Click on ‘Pay’, ‘Post’, or ‘Pay All’ depending on the status (payable/not payable)

  13. Upon the final payout, choose either ‘Yes, close the deal’ or ‘No, take me to the activity page’. Choosing Yes, will close the deal. Choosing No, will not close the deal and will redirect you back to the deal's transaction page.


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