If you’ve already made electronic earnest money payments a part of your real estate transaction process, you know the magic of TrustFunds. Learn more about how it really works.
TrustFunds is the tool a buyer uses to electronically submit their earnest money payment, but where does the payment go after that? The answer to this question: TrustFunds does not hold the money. The buyer’s earnest money payment goes from the buyer’s bank account through our software and an ACH processor for verification, straight to the designated trust account. TrustFunds simply provides the electronic highway for the money to travel between the two destinations. The path the payment takes can be viewed every step of the way (along with timestamps) by the buyer’s agent, the seller’s agent, and the designated trust account holder. The transaction history report documents all of this for you.
If you ever have a question about how to use any TrustFunds functions, or about any step of the process, please don’t hesitate to reach out to us and ask.