Closing Your Business

At some point, you may make the decision to close your business.  Attending to the details will prevent loose ends from following you into your future.

MORe requirements for closing your business

Closing an office but staying with the Association

• Copy of terminated license for yourself
• Letter to Association that you will be closing your office as of specified date
• If you are sponsoring licensees, those licenses must be signed off and returned to the real estate agent along with copies sent to MORe and IDFPR
• MLSNI will waive the office initiation fee for one year from the date of termination

Closing an office and leaving the Association

• Letter to Association that you will be closing your office as off specified date and wish to terminate membership
• Your Supra key and cradle (if you have them)  must be returned to one of our three locations
• If you are sponsoring licensees, those licenses must be signed off and returned to the real estate agent along with copies sent to MORe and IDFPR
• MLSNI will waive the office initiation fee for one year from the date of termination
• You may choose to stay with MORe as a secondary member to take advantage of our benefits if you are continuing your career as a broker or sales agent
• IRS information on closing a business
• How to close an Illinois business

Information from IDFPR on closing an escrow account

You have options:
You can close the escrow account(s) if you obtain written direction from all principals on each escrow deposit consenting to the identity of a replacement escrow agent. You must forward each escrow deposit according to the written direction.

Or you can keep the escrow account(s) open. You can continue to serve as an escrow agent by keeping the escrow money in the escrow account until closing or until you receive the necessary written authorizations. You must continue to comply with the escrow record keeping requirements and all other provisions of the Escrow Rule. However, you can become sponsored by another broker during this period (because a real estate license is not required to serve as escrow agent).

If the escrow money has been abandoned for at least five years, you may turn the escrow money over to the State Treasurer.

• Know When to Retire Your Records