The earnest money is deposited into the DTAH’s trust account and therefore, a cancellation of purchase agreement and the refund of earnest money is processed in the same manner as if the buyer had written a paper check. One additional benefit of TrustFunds, the DTAH has the capability to electronically refund the earnest money to the buyer.
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Articles in this section
- Agent - My buyer is using Gmail and not receiving the payment request email.
- Agent - Can agent assistants and team members use TrustFunds?
- Agent - What if the purchase agreement is canceled after the earnest money payment was made?
- Agent - Does a buyer have access to TrustFunds with the ability to submit earnest money prior to the final acceptance of a purchase agreement?
- Agent - How does the buyer provide the lender with proof of the earnest money payment?
- Agent - How does the agent know the status of the earnest money payment?
- Agents - Can TrustFunds be used if a property is not in the MLS?
- Agent - How does an agent use TrustFunds to have their buyer submit the earnest money?
- Agent - Can a buyer's agent use TrustFunds even if their broker is not a member?
- Agent - Who is a Designated Trust Account Holder 'DTAH?'