RE/MAX Gold Coast Realtors
Company Policy and Administrative Procedure Trust Fund Accounting for Receipt of Deposit Checks ‐ Real Estate Sales Procedure #2011‐01‐001
Company Policy: It is the policy of the Company that whenever possible agents will instruct clients to deposit trust funds directly into escrow and will avoid taking possession of such funds. However, when doing so is not possible, agents will comply fully with the following Administrative Procedure.
Administrative Procedure: 1. Immediately upon receipt of a deposit check, the agent will notify Administration by sending an email to trustlog@californiarealty.com with two attachments: a. Legible Copy of Deposit Check, and b. Page One of the Purchase Agreement. The email will clearly identify the agent. 2. In cases where the agent cannot send an email, he/she will immediately send a facsimile to Administration (805‐650‐9669). The Cover Page will clearly identify the agent sending the transmission and will be accompanied by (a) and (b) above. 3. Immediately upon disposition of the deposit check, either to escrow or its return to the client, the agent will notify Administration by sending an email to trustlog@californiarealty.com which will include: a. The Address of the Property, and b. the check number, and c. the check amount, and d. the date of distribution of the check, and e. the name of the escrow company to whom the check was delivered, or f. that the check was returned to the client. If the agent has written instruction to send the check to any other person, the identity of that person must be provided and their relationship (i.e., “Seller”). 4. In cases where the agent cannot send an email, he/she will immediately send a FAX to Administration at the telephone number in paragraph 2 above and which will include all of the information in paragraph 3 above along with the identity of the agent. TRUST FUND HANDLING REQUIREMENTS – EARNEST MONEY DEPOSITS (Revised June 2010) is hereby incorporated into this Company Policy and Administrative Procedure and all agents must be familiar with its requirements.