New Earnest Money Designation in TrustFunds
Good news! With the MN Real Estate Form Changes that went into effect on Aug. 1, your buyer has a new option to make their earnest money payment with TrustFunds (a NorthstarMLS core service), even if the Listing Broker is not a TrustFunds member.
In the new Purchase Agreement form, you may designate that the earnest money go into the selling agent’s brokerage trust account. If the selling agent’s brokerage is a TrustFunds member, then the buyer can use TrustFunds to electronically deposit their earnest money into that account.
Here is a look at the earnest money account designation on the new Purchase Agreement, and the account selection screen in TrustFunds (click graphic to see a larger version) :
To access TrustFunds, click the TrustFunds icon/link in the External Links box here on the Matrix Home screen or from the Home tab drop-down menu. Or click the TrustFunds link/icon below the main photo on any Active, TNAS or Pending Status listing.
TrustFunds Archive Want to check out older TrustFunds content? Click here to view the archive of previous TrustFunds news from the Matrix News Screen.