1 Information. I certify that I will always act in good faith, all the information submitted to Capital Growth Financial Corporation (CGFC) is correct, and authorize CGFC to verify its authenticity with any associated party, including my brokerage. I risk criminal prosecution for any misrepresentation and/or false information.
2 Terms & Rates. I agree to receive a commission advance from CGFC for the specified real estate transaction, by irrevocably assigning my rights to the original commission to CGFC. I understand that I will receive the commission advance less CGFC’s fee of $0.69 per one thousand dollars per day, starting from the effective date and lasting until CGFC receives the full repayment. I understand that this agreement is under full recourse, and will still repay CGFC by the repayment date even if the original commission does not come through for whatever reason. I confirm that I have not received and will not receive a commission advance, in part or in whole, from any other another company for the same transaction. My commission advance will be sent to my bank details on file, unless I submit new details.
3 Repayment. The commission advance amount will be repaid to CGFC within 10 calendar days after the Purchase and Sale Agreement closing date, unless a different repayment date is arranged. I understand that any repayment delays for any reason will result in additional fees paid to CGFC at the rate of $0.69 per thousand dollars per day until CGFC receives the funds. For new builds and commercial sales, I will repay CGFC within 30 calendar days after the Purchase and Sale Agreement closing date.
4 Repayment Methods. I agree to coordinate and assist my brokerage with repaying CGFC via A) electronic funds transfer, or B) depositing a cheque at CGFC’s banking institution.
5 Delays & Complications. CGFC understand that deals can be delayed, reduced, amended, and other complications. If the Purchase and Sale Agreement is extended, the commission advance will be extended automatically upon providing CGFC with the amendment document. In the event that the Purchase and Sale Agreement fails to close or is significantly delayed, the commission advance assignment automatically transfers to the next available commission(s) payable until the total amount owed is fully repaid. CGFC will be paid out first before any payments are made to the Realtor. Assignment of the new deal is subject to CGFC’s approval. I will always submit to CGFC the extension, update, or amendment document as soon as it is available.
6 Refunds. CGFC will provide a refund any time the commission advance is repaid earlier than the repayment date, on a net basis.
7 Approval. A commission advance application is subject to approval by CGFC. CGFC may reject an application for any reason, disclosed or undisclosed, at their sole discretion. Occasionally CGFC may only approve an amount less than the amount requested by the Realtor.
8 Additional Expenses. I confirm that CGFC is not responsible for any banking fees or charges from my bank, nor is CGFC responsible for any fees, charges, or losses due to delays in my payment.
9 Callable. This commission advance is callable and repayment can be demanded at any time by CGFC’s sole discretion, and repayable to CGFC within 7 calendar days. A refund will be issued for early repayment. CGFC will never demand repayment under any normal situation.
10 Legal & Collection Fees. I understand that I will be charged additionally for any legal and/or collection fees CGFC incurs while pursuing my repayment.
11 Information. I confirm that the Realtor is a licensed board Realtor, in good standing and has no major fees, dues, or deductions to the brokerage firm outstanding. I will notify CGFC immediately in the event of any problems, issues, or complications with both the deal and the Realtor.
12 Broker Responsibility & Liability. The brokerage is not liable for repaying the commission advanced funds should the Purchase and Sale Agreement fail to close. The brokerage is responsible for confirming the details submitted to CGFC and facilitating the repayment. I will send the commission advance amount plus any additional/late fees the Realtor incurs to CGFC as soon as the money is available. I confirm that the Realtor has not received and will not receive a commission advance, in part or in whole, from any other another company for the same transaction. I confirm that CGFC is not responsible for any banking fees or charges from my sending bank.
13 Delays & Complications. CGFC understand that deals can be delayed, reduced, amended, and other complications. If the Purchase and Sale Agreement is extended, the commission advance will be extended automatically upon providing CGFC with the amendment document. I understand that in the event of any other complication, I will immediately contact CGFC and assign the next available commission(s) payment to CGFC until the total amount owed is fully repaid. CGFC will be paid out first before payments are made to the Realtor. I will always submit to CGFC the extension, update, or amendment document as soon as it is available. The brokerage will facilitate repayment including any additional/late fees.
14 Repayment Methods. I confirm that I will repay CGFC only via A) electronic funds transfer, or B) depositing a cheque at CGFC’s banking institution.
Privacy and Confidentiality:
15 CGFC will never share, sell, or distribute your private communications with any outside party, unless required to do so by law. Any communications with CGFC is treated as private and confidential. CGFC employs the highest level of information security to ensure that all information submitted to CGFC is as safe and secure as reasonably possible.
These Terms & Conditions are subject to change without notice. This contract is governed by the laws of the Province of Alberta, and any dispute shall be finally resolved by Alberta courts.
Last Updated: March 29, 2016