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Earnest Money/Trust Money
Trust money or earnest money comes with the sales contract on your listing
when they have a binding contract for sale.
Trust money typically will come in the form of a personal check*. This check with
all required paperwork will need to be turned into your office manager as quickly
as possible. There is typically a three business day window to have this money
deposited into our trust account.
This check will need to be made payable to Parks. Once received by your office
manager, the trust money is sent via courier to our corporate office for deposit
into our trust account. All trust monies are held in a non-interest bearing trust
account per TREC regulations.
When you have a closing that we are holding trust/earnest money for the file -
1. If your gross commission is more than the trust money deposit (this is the
more likely scenario) then the amount of the trust deposit is deducted from
your gross commission check by the title company. When the corporate
office receives your gross commission check, they will match this with the
trust deposit to complete the total amount of your gross commission
2. If your gross commission is less that the trust money deposit then you must
make arrangement PRIOR to closing to either have the corporate office wire
the funds to your closing attorney or title company OR request the amount
needed to be paid to the title company in the form of a check to be taken to
closing. This needs to be arranged two business days before date of
closing.
If trust money is being mailed to the corporate office, please ensure that all
property paperwork (including the pending form) is complete in Dotloop. When
the corporate office receives trust money in the mail, this is our first step in
matching the trust money to the correct file.