The Book 5-5-16

What Happens if the contract falls through and we have Trust Money? If the contract falls through, and we are holding trust money, we must have an earnest money release form signed by all parties. This form is then sent to our corporate office and the funds will be released per the earnest money release form. This form can be found in Dotloop.

Normally, this check (refund of trust money) is then sent back to the requesting agent via the courier. If other arrangements need to be made (mailing the check, or pick up at our corporate office) just note on the form or include that information with the trust money release form.

If an agreement cannot be reached on the refund of the trust money then the next step would be to file an interpleader. This is a process of sending the matter to the local judicial court for a decision on the disbursement. This process can cost anywhere between $300 to $500.

*If the closing will be happening in less than two weeks of the receipt of trust money, please request a money order or cashiers check. Our corporate office must deposit and have 10 business days for the personal check to clear before disbursement.