TrustFunds: Choose the Correct Account!
The MN Purchase Agreement form change last month allows earnest money to deposit in the listing or selling broker trust account. A new TrustFunds feature allows agents to select either account as specified in the PA when sending the Earnest Money Request form to their buyer.
Be sure to select the broker that will hold the earnest money as specified in the Purchase Agreement. It appears that some buyer’s agents may have simply been selecting their own broker even though the earnest money should be going to the listing broker.
TrustFunds has added a helpful reminder message on the screen where you select the account, but it’s still important to be mindful of the Purchase Agreement terms before you select.