The Book 5-5-16

Earnest Money/Trust Money Trust money or earnest money comes with the sales contract on your listing when they have a binding contract for sale. Trust money typically will come in the form of a personal check*. This check with all required paperwork will need to be turned into your office manager as quickly as possible. There is typically a three business day window to have this money deposited into our trust account. This check will need to be made payable to Parks. Once received by your office manager, the trust money is sent via courier to our corporate office for deposit into our trust account. All trust monies are held in a non-interest bearing trust account per TREC regulations. When you have a closing that we are holding trust/earnest money for the file - 1. If your gross commission is more than the trust money deposit (this is the more likely scenario) then the amount of the trust deposit is deducted from your gross commission check by the title company. When the corporate office receives your gross commission check, they will match this with the trust deposit to complete the total amount of your gross commission 2. If your gross commission is less that the trust money deposit then you must make arrangement PRIOR to closing to either have the corporate office wire the funds to your closing attorney or title company OR request the amount needed to be paid to the title company in the form of a check to be taken to closing. This needs to be arranged two business days before date of closing. If trust money is being mailed to the corporate office, please ensure that all property paperwork (including the pending form) is complete in Dotloop. When the corporate office receives trust money in the mail, this is our first step in matching the trust money to the correct file.