The form they want filled out clearly states that "the above-described Payment Agent is either BPO Provider's employing or affiliated broker or managing broker or affiliated real estate company". In Ohio, agents get paid directly. This form will clearly change that. When I discussed that with the person from Landsafe, he stated that a lot of agents think that, but that is NOT case. I said I could just cross that part off and he said that would invalidate the form.
I asked to speak to their legal department and he said there was no legal dept. I will be cut off from orders if I don't turn this in by June 30th.
How did anyone else handle this?
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Yes, this is true. Only Brokers can sign up with Landsafe moving forward. This does NOT mean you won't get orders anymore however. Only that the payment is being made to the broker, whom will now have to pay you. They appear to just be consolidating the line of accountability/liability. Though it looks like they will be issuing checks instead of doing direct deposit, that may not be the case. Ultimately, if they are paying the Broker and the broker pays you, you'll get that amount added to your 1099 at the end of the year since the brokerage will get a 1099. Confused? Get used to it I guess.
I understand exactly what you mean. I've been at this for 14 years. I'm used to 1099s. The confusion is that the person at Landsafe verbally denied that my payments would change. I prefer to save my broker the paperwork of reissuing a check. He said that my payments will continue to be made to me at my address: the form is just to confirm where the payments are currently going. I said that's not what the form actually says. I'm a pretty literal person and I the form is pretty clear that if I fill it out correctly that payment will go to my broker. I would rather do direct deposit but I never filled out their form to do that.
My broker gave me a letter stating he did not want bpo payments being made out to his Real Estate Co. Per our State, Realtors can be paid directly.