TrustFunds Solves the Issue of Meeting Regulations for Tracking Earnest Money

Cody OsegardUncategorizedLeave a Comment

E-Money tracking Screenshot

The real estate industry is changing every day. It can be exhausting trying to keep up with all of the new regulations and standard operating procedures, especially when it comes to an earnest money payment. Most states require deadlines for the delivery and deposit of the funds and to be accountable for tracking and documenting the steps of an earnest money payment.

When the earnest money is paid via a paper check, this can be difficult. The check bounces around from buyer to agent to finally the designated trust account holder (e.g. broker or title company) without a trace, making tracking and documenting the payment almost impossible. If the earnest money is submitted by the buyer electronically, TrustFunds does all of the work. Once the payment has been submitted, all parties are informed of the payment status. TrustFunds even includes date and time stamps for each step of the process so agents and brokers can rest easily that the transaction is properly documents.

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