In an era of digital transactions, collecting earnest money is one of the last pieces of transactions that has yet to come online. Instead, earnest money is collected by hand, and may languish on desks, in drawers, or even an agent's car before being deposited. This is a process that's inefficient and not secure.
TrustFunds solves this problem automates the digital delivery and deposit of earnest money in a secure environment. The agent facilitates the process through a couple of simple clicks initiated on the listing detail page within the MLS. The system provides complete transparency on the progress of the payment as well as the payment history.
The process is completed via three easy steps:
- One Click from the Listing Detail Page - First, the agent clicks on the TrustFunds Electronic Earnest Money Deposit link on the listing detail page in the MLS.
- Choose Designated Trust Account Holder and Send Request to Buyer - Second, the agent chooses the Designated Trust Account Holder and completes the payment request.
- Buyer Pays Online - The system takes security measures to identify both the property and agent with a photo and detailed information as a double fail safe.
TrustFunds also provides real-time access to the status of earnest money for all transactions via a dashboard. For every transaction, a complete payment history is provided to ensure the broker is in complete regulatory compliance.
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