Tag: earnest money

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.

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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.

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TrustFunds (a NorthstarMLS core service) continues to beef up its security with a new feature for you and your clients called, “Secret Word.” It’s a one-step process that will help make your electronic earnest money transaction more secure.

When you prepare your earnest money request to your buyer, you will enter the Secret Word as part of the Buyer Payment Information section. The Secret Word that you choose will add an additional level of security for you and the buyer(s).

Setting up you and your client’s Secret Word in TrustFunds is quick and easy. Click here to see how.


TrustFunds Archive Want to check out older TrustFunds content? Click here to view the archive of previous TrustFunds news from the Matrix News Screen.

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Consumers are learning about the benefits of TrustFunds! Last weekend’s Star Tribune featured an article on TrustFunds, a NorthstarMLS core service that allows buyers to simply and securely make their earnest money payment online and easily verify the status at anytime. In the article, TrustFunds co-founder Lynn Leegard talks about how the electronic process simplifies the home buying process for everyone involved.

Click here to read the article via StarTribune.com


TrustFunds is available as a core service through NorthstarMLS and all subscribers now have an active TrustFunds account – no login or setup is required. Watch for the TrustFunds logo/link below the primary photo on the listings of participating brokers.


TrustFunds Archive Want to check out older TrustFunds content? Click here to view the archive of previous TrustFunds news, articles and other content on the NorthstarMLS Blog & Archive.

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The increase of wire fraud continues in the real estate industry. That’s why TrustFunds added a new security feature to combat phishing schemes. TrustFunds, a NorthstarMLS core service, is a convenient and secure way for your clients to deposit earnest money.

In your TrustFunds account, you can now upload a profile photo. Your clients will see your profile photo in every earnest money request email you send, giving them greater peace of mind that they are not participating in a phishing scam. The email also includes a photo of the property, the exact earnest money amount reflected on the purchase agreement and full agent contact information.

Uploading your agent profile photo to TrustFunds is easy. Click here to see how it’s done.

Want to do more to reduce the risk of real estate wire fraud in all aspects of your business? Our system security vendor, Clareity Security, has published an excellent paper that covers best practices, sample procedures, and communications gathered from franchises, brokers, title companies and others. Check it out!

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A new feature in TrustFunds called Teams allows agents to add team members — including admins. You can now have other team members submit your earnest money request for you, once they are a member of your team. You can find TrustFunds on the NorthstarMLS Matrix Home Screen in the External Links box. Once you login to TrustFunds, click on the Profile icon in upper right and then go to Teams to get started. The Tutorial Guide below will walk you through how to get started with TrustFunds Teams.

TrustFunds Tutorial Guide for setting up Teams >>> Download Now!

You’ll learn:
• How to access and set up your TrustFunds Team
• How to add or remove TrustFunds Team members
• How to view your Team activity in TrustFunds
• How to request earnest money on behalf of a TrustFunds Team member


TrustFunds Archive Want to check out older TrustFunds content? Click here to view the archive of previous TrustFunds news, articles and other content on the NorthstarMLS Blog & Archive.

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Did you miss one of the “10 Minutes with TrustFunds” webinars last month? No worries! Now you can view the same webinars that many other NorthstarMLS brokers and agents attended, on your own time. Both webinars were 10 minutes in length — one was tailored for brokers and one was tailored for agents. (Note: The total length of each video is longer than 10 minutes to accommodate a Q/A session at the end of each webinar — exit the video if you won’t wish to view that portion.)

TrustFunds is available as a core service through NorthstarMLS and all subscribers now have an active TrustFunds account – no login or setup is required. It’s a secure and convenient web-based service that allows buyers to simply and securely make their earnest money payment online and easily verify the status at anytime.

Broker? Click here to watch webinar.
Agent? Click here to watch webinar.


TrustFunds Archive Want to check out older TrustFunds content? Click here to view the archive of previous TrustFunds news, articles and other content on the NorthstarMLS Blog & Archive.

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TrustFunds is revolutionizing the earnest money process. All NorthstarMLS subscribers now have an active TrustFunds account – no login or setup is required. Sign up for a TrustFunds webinar on Thursday, Feb. 18 and take just 10 minutes out of your day to see how you, your buyers and your listings benefit from this innovative, secure and convenient online tool that eliminates the paper earnest money check.

There are 2 webinars scheduled for Feb. 18 — one tailored for Brokers, and one tailored for Agents. For Brokers, the 10-minute webinar session is scheduled for 9am. For Agents, the webinar session is scheduled for 10am. You can register for the session by clicking on the link above or below. You will receive a confirmation email once you have registered with a link to the webinar session.

This could be the best investment of 10 minutes for your entire week. Sign up now!

Broker? Click here to register.
Agent? Click here to register.


TrustFunds Archive Want to check out older TrustFunds content? Click here to view the archive of previous TrustFunds news, articles and other content on the NorthstarMLS Blog & Archive.

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Over half of all subscribers on NorthstarMLS have registered for TrustFunds since it was introduced as a NorthstarMLS core service. To make TrustFunds as simple as possible to submit and track earnest money deposits, all NorthstarMLS subscribers now have an active TrustFunds account – no login or setup is required.

Well over half of all active listings in Matrix are currently eligible for online earnest money transactions with TrustFunds. To see if a listing is eligible, locate the desired property in NorthstarMLS Matrix. If the TrustFunds logo is there, you can submit electronic earnest money. Just click the TrustFunds link under the listing photos on the property detail page (as seen in the screen shot below).

(Click the image to see a larger version in a new window)

It shouldn’t take you more than a minute to submit an earnest money request. It really is that simple. You and your buyers will love the security and convenience. Use TrustFunds on your next transaction – its earnest money made easy!


TrustFunds Archive Want to check out older TrustFunds content? Click here to view the archive of previous TrustFunds news, articles and other content on the NorthstarMLS Blog & Archive.

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Since the introduction of TrustFunds, a new core service we introduced back in March, Sue Schorn of Edina Realty has saved hours of time and hassle running around collecting and managing earnest money checks for her clients.

Watch what Sue had to say about TrustFunds and why she can’t go back to the old way [of running earnest money around] after using TrustFunds in this under two-minute video interview below:

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