Let Loft do it - How we work with you and your team

Let Loft do it - How we work with you and your team

Here’s what happens when you “Let Loft Do It”: 


  1. The first time you request us to complete a transaction for you we will set up a call to go over your workflow and ensure the following items are in place; 
  2. The Brokerage notes section should be completed so we can see if there are any specific instructions for us. We need to know how money flows and any rules you have around commissions and deductions. Here is a complete list of items that would make it really fast for us to get up to speed. Please fill out this information as soon as possible. 
  3. We will need to be invited into your banking or payment solution as a user so we can complete the payouts to Agents. You can remove our access anytime after we complete the transaction. 
  4. If you do not have a digital payment system we can help you get set up so you can access our services whenever you need us.
New Deals - please complete the following fields at a minimum either through New Deal data entry or Import the deal from dotloop, DocuSign Rooms or SkySlope

  • Core deal details (Side / Deal Type / Sub-Type / MLS # / Property Type)

  • Sale Price & Deposit data on Financial Page

  • Gross Commission & Selling Offer

  • Upload deal documents 

  • When you click Let Loft do it, you will be prompted to approve the $50 USD for billing on your credit card


Including the following details helps to validate data:

  • Property address

  • Dates - Contract Date, Proposed Firm Date, Closing Date

  • People - Buyers, Sellers, Other Side Agent, Legals Representatives etc

  • Add any information regarding referral fees & additional notes in the comments section



Reviewing documentation and deal (ensure notifications are turned on)

Loft47 initial deal review includes:

  • Loft admin Review for completeness

  • Request Review with notes for missing information or questions

  • Request Approval prior to payout


Deposits 

  • Client either add Trust / Escrow deposits to the Loft deal, OR upload the image of the check or other documentation & attach it to the deal. 

  • Either add the deposit of funds to close the deal to the Loft deal, OR upload the image of the check or other documentation & attach to the deal

  • If any deposit has not been added to the deal, Loft administrator will add the deposit to Loft47 / Xero. 

  • Use the deal summary Comments section or Review comments to add any additional information.


Conveyance (for Canadian clients)

  • Once we have received the final condition removal confirmation that the deal has gone firm, we will review all conditions & proceed with conveyance.  

  • **We require legal information from the agent prior to sending out Instruction reports including contact email for the acting lawyers wherever possible. 

  • Standard documentation included with the conveyance communication (Deal Summary + email template):

1. Purchase Contract

2. Waiver / Condition Removals

2. Addendums

3. Proof of Deposit

Edits and Adjustments - can and will take place throughout the deal

  1. Any material changes to the contract including price change, commission change, etc. must be given to Loft via either Review Comments or deal summary Comments, changes will be updated and another client review will be requested.
  1. We will re-send communication to lawyer contacts if material changes occur.  

Agent Advances

  • Add any advance details through comments or review process

  • Loft will generate advance payment to agent through Veem & invoice agent for advance funds

  • Loft will add the agent A/R deduction to the appropriate deal to recover funds on deal payout


Excess funds

  • Loft47 Admin process Excess fund returns two weeks prior to the close of a deal unless otherwise requested via the Comments or Review function.


Collapsed Deals and Refunds

  • Notify Loft Admin if a Deal Collapses.

  • If funds have been received, refunds will be generated by your Loft47 Administrator through the “Release Deposit”. 

  • The status of the deal will be updated to “Collapsed”.


Paying out Deals 

  • Loft47 Administrator will do a final deal review, including a check that all funds have been received

  • Approval for Payout will be requested 

  • Broker of record or approved Brokerage designate must Approve for Payout

  • Approved deal will be closed and Commission will be paid to the agent via Veem

  • Loft will send each agent their Loft paystub

  • Loft47 Administrator will update comments with any closing notes


Transfers

  • Appropriate bank transfers will be recorded in the deal by Loft47 Administrator

  • Designated parties will receive the automated Transfer report email