Advance Protocol
1) Submit your deal via the deal submission tab of your agent portal. Be sure to:
a) Submit as an advance request and make sure to sign the advance agreement. There is a 15% advance fee, regardless of the current plan with the brokerage.
b) Include a copy of the fully executed lease and Agency Disclosure and Fair Housing Form.
c) If a commercial deal, include fee schedule and executed fee agreement.
Advance Policy
All Advance requests are a case-by-case basis and are subject to the broker's discretion and approval.
Regrettably, advances will not be provided for transactions classified under "Co-op."
Sponsor Unit Co-Ops: Advances are permissible for Sponsor Unit Co-Ops, as board approval is not required in such instances.
Financing Contingency: In cases where the transaction is contingent upon financing, a copy of the Commitment Letter from the bank is mandatory.
Agent Balances: Agents are advised to maintain a balance not exceeding two months' worth of advances.
Activity Requirement: Agents are expected to have engaged in real estate activities for a minimum of three days within a span of 12 calendar months.
Recent Transaction History: Agents must have successfully closed at least one deal within the last six months.
Maximum Advances: The maximum advance per deal is set at $10,000.
Total Advance Limit: Agents are permitted a maximum total advance of $10,000.
2) Email: Accounting@spiregroupny.com advising of your advance request
3) Please allow 1 to 2 business for the advance to be processed
4) Please be aware we will generate an invoice for the amount loaned plus the outstanding Advance and Deal Fee (if applicable). The invoice, from time to time, will be sent automatically along with any other outstanding invoice. So please don't be alarmed.
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