Some Sale questions

TABLE OF CONTENTS

What does Clearing mean?

Clearing is the account that you pay your agents from, often it will be your trading account. This is the account that the company share of the commission is paid into.

How do I process a Commission only Sale?

All Sales are processed the same way, just make sure that you enter a zero $0.00 amount for the sale deposit. The program will know that these funds do not go through your trust account.

Invoice for a Commission only sale?

Enter the sale as you would normally ( zero deposit) and click on the sale Invoice button 

Deposit is paid directly to the vendor's solicitor

If your company never received the deposit then enter the Sale as zero deposit 

Use the Sale Invoice button to request the commission from the solicitor 
When you receive the commission Receipt and Release as a normal sale

What does Proforma mean?

A proforma invoice or statement, also known as an estimate, is essentially a preliminary statement of account. It outlines what is due but may change with the final account.

What does it Release mean?

When an Unconditional Sale is ready to be released from trust often on Settlement (or sooner in New Zealand) Once the Sale is Released you can pay the Agents their share.

Do I need to Receipt commission money?

Yes, you process all Sales the same way, once you have receipted the commission money you can Release the sale.

What's the Sale status?

When a Sale is created the Sale status will be Conditional. When the Sale goes Unconditional (Exchanged) then monies are Released from Trust (Settled) and the Sale is completed when everyone attached to the sale have been paid.

What's a Sale?

A Sale is created when a Listing is changed from Available to Conditional or goes Under Contract