Policy and Procedures
Make sure you are on the right track!
1. Office Contract review requirement:
a. As a new agent, your first 3 listing transactions and the first 3 sales transactions with EXIT Landmark Realty are REQUIRED to be reviewed by a member of the EXIT Landmark Realty management team. Reach out to manager via text, phone or email to review PRIOR to submitting to the other agent.
2. Showing Properties in Non-Licensed States is NOT ALLOWED
a. If you do not have a Real Estate license in a state, you are considered an unlicensed in that state, EVEN if you are licensed in another state. You are only licensed to show houses in states that you have an active Real Estate license.
You may assist a licensed agent in that state as an unlicensed assistant. To view guidelines of what un-licensed assistants are able and not able to do in your state, click here.
3. Termite Inspection
a. If the termite inspection is positive, the agent is required to have the client fill out a new disclosure disclaimer and disclose any findings to future buyers.
4. Referrals to Agents, Lead Generators, etc.
a. All referrals are REQUIRED to be signed by the broker or manager and the agent. It is your responsibility to confirm that any agreements of referrals to be paid are placed in the loop for the property and written in on your commission disbursement form.
8. EMD Handling, EMD & Commission Wire Instructions
EMD needs to be turned into the office via Check or Earnest within 24 hours of contract acceptance.
For EMD checks, log the EMD check into the control log by the front desk then place the check in the zipper pouch.
For EMD release, termination and release forms signed by both parties are needed to release escrow funds
For EMD release, the EMD release/transfer form must be filled out and submitted to the office with accompanying release forms
EMD Wire Instructions (Maryland Offices Only):
Email front desk for your office- (Property Address and Wire Amount, required)
Front desk will verify submitted ratified contract for property in Dotloop
Wire instructions will be provided by front desk via email
Please ask your client for a wire confirmation and upload to property Dotloop.
Commission Wire Instructions:
Email front desk for your office- (Property address, Title company, Contact Name and Email address)
Front desk will email the wire instructions directly to the title company.
Upload and "Submit for Review"
Final Alta and commission disbursement to Dotloop at time of settlement for commission to be processed.
9. Office Fees
EXIT Landmark Realty has changed its policy on the fees charged to clients in addition to the commission percentage charged.
The recommended commission for all agents to charge for clients in a listing is 6% plus a $395.00 flat fee.
The recommended commission for all agents to charge for clients in a selling transaction (buyer agency) is 3% plus a $395.00 flat fee.
Please list the co-op for all short sale transactions as 2.5%, even if you're listing agreement states 6%.
Also, please make sure that the title company you may use describes this fee on the HUD-1 and commission check as a FLAT FEE (for example, a standard listing would be 6% plus $395 flat fee)
EXIT Landmark Fee
Click here to view/download the current copy of the EXIT Formula
11. Personal Property Sales & Agent Investor Policy.
This applies to purchases and sales where our agent is an Owner and on the Deed.
On the buying side of a transaction, the agent will be paid at a 90/10 split, pay the required EXIT Fees and a $395.00 Flat Fee to EXIT Landmark Realty.
On the listing side of a transaction, agents may waive any commission due to the office and will pay a $395.00 Flat Fee to EXIT Landmark Realty
If a commission is collected for a personal home sale the agent will be paid on a 90/10 split and will pay a $395.00 Flat Fee to EXIT Landmark Realty
EXIT Landmark Fee Charged
$0.00 - $2,500.00
$2,500.01 - $3,500.00
$3,500.01 and Up