RECA Trust payout for Outside Brokerages

RECA Trust payout for Outside Brokerages

The Real Estate Council of Alberta(RECA) may dictate Outside Brokerages to be paid in 2 steps and this article provides help on how to deal with this scenario in Loft.

In this example the Brokerage holds $5,000.00 in Trust and will need to pay this amount to the Outside Brokerage from their Trust Account -

Step 1. Manually calculate the amount held in Trust divided by 1.05 to get the figure you will need.

Step 2. Go to the Payout Commission Screen and use the Override field on the Outside Brokerage Payout to enter the figure you worked out at step 1. . **Be extra careful to ensure the bank account is set to TRUST Account** -

Step 3. Go back to the Payout Commission screen where you can now see Loft has calculated the remaining amount still to be paid to the Outside Broker again **be careful that this time the bank account is set to either Commission Trust or Current/Operating, depending on your brokerage set up.

For any further clarification on the Real Estate act rules, please confirm allowed payout rules for Outside Brokerages with your local board or council.


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