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Can TrustFunds be used if a property is not in the MLS?
No. TrustFunds uses the MLS property data for all transactions.
How does long does ACH take to settle into the Trust Account?
The Federal Reserve’s Automated Clearing House (ACH) timeframe for processing and settling payments is the same whether submitting it electronically (online) or physically delivering a check to the bank. It takes approximately four (4) business days (excludes weekends and Federal holidays) to settle and deposit the funds into the recipient’s bank account. TrustFunds makes this process much more secure than carrying around a paper check, and begins the depositing process sooner than checks are typically delivered to the bank. Remember, the 4 day process does not begin until the bank receives the check. This can save numerous days in the settling process by using TrustFunds.
What if the purchase agreement is canceled after the earnest money payment was made?
The earnest money is deposited into the DTAH’s trust account and therefore, a cancellation of purchase agreement and the refund of earnest money is processed in the same manner as if the buyer had written a paper check. One additional benefit of TrustFunds, the DTAH has the capability to electronically refund the earnest money to the buyer.
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“It’s about time the real estate community has the option to stop driving paper checks from point A to point B. With TrustFunds, we now have a solution for the problem. TrustFunds has provided great support and communications to the title companies and brokerage offices that hold earnest money.”
“With the fraud happening in today’s world we are happy to partner with TrustFunds to provide a service that greatly enhances the security of earnest money. Also, there are many millennials that no longer carry check books to write an earnest money check and now there is no need!”
“I love TrustFunds! My clients always feel secure about the handling of their money and where it is deposited. They get a transaction receipt and both agents know that the contract performance is being fulfilled. It’s just a better way to do business for a Professional Realtor.”
“TrustFunds has been a HUGE benefit to my brokerage. My agents love not having to be responsible for keeping clients’ checks and my clients love the convenience. And, as a broker, I love that we are ALWAYS in compliance with our contract. “
“Before TrustFunds, getting the earnest money on time and tracking it was a time-consuming process. This simplifies that process so much. Agents have told me once they use it, they will never go back to the paper check process again.”