Coming Next Week: TrustFunds
NorthstarMLS is pleased to announce the addition of TrustFunds to its core services.
What is it?
TrustFunds is a secure and convenient web-based service that allows your buyers to electronically deposit their earnest money directly to the trust account of a participating listing broker.
How does it benefit my buyers?
Their earnest money is deposited quickly, easily and securely without writing a paper check. They also receive immediate electronic confirmation of their submittal.
How does it benefit me as a buyer’s agent?
No more having to pick up and deliver a paper check. Plus, no need to worry about securing your buyer’s personal financial information! In addition, you will know the status of the earnest money deposit online anytime. Use the TrustFunds link on the NorthstarMLS listing to generate an email to your client with a secure link to make their earnest money payment online.
How does it benefit my sellers?
The listing agent is able to know the status of the earnest money deposit online anytime which provides the sellers peace-of-mind that the earnest money has been deposited. In the event of an NSF the seller will know in a much more timely manner.
How does it benefit me as a broker or listing agent?
TrustFunds deposits the earnest money payment directly into the listing broker’s existing trust account. TrustFunds eliminates the cost and hassle of paper check processing and the risk of not receiving and depositing earnest money payments timely. Easily manage and track the process online at anytime from anywhere, including the ability to issue electronic refunds if desired. Brokers receive earnest money payments directly from the buyer’s bank account and manage their trust accounts the same as prior to joining TrustFunds.
What does it cost?
- On the buyer side, there is a $5.00 convenience fee to make an electronic earnest money deposit. Within TrustFunds, the buyer’s agent has the option to cover this cost on behalf of their buyer or pass it on to their client.
- On the listing side, there is no cost to the listing agent. The listing broker pays a nominal, one-time set-up cost and monthly fee, which ensures that the earnest money payments are directed to the listing broker’s trust account. It also includes all the reporting and management tools needed to effectively track the funds being processed. (If you are a broker and want to register, click here.)
How do I get started?
Watch for the launch announcement next week, which will include instructions on how to access and use TrustFunds. In the meantime, check out the TrustFunds website for quick videos and FAQs.