Closing Out a Transaction (6 minute video)

Dotloop Training (16 minute video)

Change Your LLC in BrokerSumo (1 minute)

DOTLOOP Best Practices

Closing out a Transaction for Payment - Pay at Close/Disbursement Authorization(“DA”)

Dotloop: Document and Transaction Management Platform

Brokersumo: Agent Profile (Transactions, Commissions, and Payment System)

*Brokersumo syncs with and reads the transaction data from Dotloop to track transaction and create payments to agents for 1099 purposes.

1.*** Submit the Loop for Review/DA request at least 3-5 business days before scheduled closing to allow time for review, and any changes that need to be made. It helps if the request is not sent until AFTER inspections and appraisal since those can often result in price/commission changes, but if it is sent before, we can always revise.

2. Label the loop a “Purchase” if representing the buyer, and label as “Listing” if representing the seller. Otherwise Brokersumo will not sync with the Dotloop file properly to create payment (Pay At Close or payment after Closing).

3. Please make sure the property address under loop details is the address of the property you are selling. Not the address of the brokerage. Otherwise it will not sync with Brokersumo.

4. Complete Contract Dates ("Contract Agreement Date", "Closing Date")

5. Ensure the Financials Section in the Loop Details is filled out correctly with Purchase Price and Commission amount with the commission on the correct side of the deal that you worked (Purchase = “Buy Side”Listing = “Sell Side”). Do not write text in numeric boxes (n/a, none, or sooner, ? etc) otherwise the loop will not sync with BrokerSumo to create payment. Simply write in commission percentage (%) OR dollar amount ($) if not a clean percentage.

6. Closing Settlement Form must be completed to process payment in ALL cases.

• Be sure to fill out the Commission Settlement Form Completely and Correctly, making sure to double check commission and transaction fees. If Commission is a flat fee, still put it in the Commission part of the form as a $ amount instead of a percentage. Only list the commission fee on the side of the deal you had. For example, if you worked with a buyer, only list the sell side amount. If you put an amount for both side, it reads like you work both side of the deal.

• Utilize the notes section at the bottom for anything you think will be helpful in preparing your DA (both sides of deal, flat fee charged, referral company name and percentage, etc). If you want to have your check mailed to you or a TC by title, include the mailing address in the notes section and I will copy and paste in into the DA.

• If a Disbursement Authorization is not honored by the title company, and checks are not separated, the agent is responsible for paying their Transaction Coordinator separately.

  7. Once the Closing Settlement Form is completed, Click Submit For Review (top right of Loop) making sure to check the boxes for all loop folder. This sends the Brokera notice to theirinbox to review. If something is missing from a document or the loop, I will send a notethrough dotloop for the correction. Once it is corrected, resubmit the loop for review so Broker knows to send the DA.

• 8. If a revision to commission needs to be made after initial DA, be sure to update the loop financials and Closing SettlementForm again, then re-submit the loop for review with a note of the change. This will again send a notice to review the form and the updated data from Dotloop will sync with Brokersumo.