Real estate agency accounts management

[antares]

The situation: Chris was being groomed by his father to take over the family real estate empire. Then a drunk driver T-boned the car and killed Chris's father and mother. At 24, he became the heir to the empire. The empire includes 1) a real estate agency that does residential and commercial properties, 2) apartments, 3) commercial space, 4) land acquisition, and 5) commercial development.

Also, Chris became the legal guardian of his 14 year-old sister.

Questions:
1. I know real estate agents are paid on commission. When? On close of sale?
2. Is there an accounting cycle each month that would make the last week of the month busy?

Specifically, is there reason for Chris to become so busy with the affairs of his business at the end of the month that he has no time to think about what is happening with his sister?

Thank you for your help.

[Lynn]

Just have some deals closing and loans funding. Those are crazy busy times with lots of interested parties. A change in ownership can seriously affect the loans and the deals also. Throw in some option renewals and other stuff that involve negotiations that were dependent on the now dead people and you have a mess.

Oh, the commission typically got paid on loan closing when the company I worked for closed a deal.