Any time an agent has a collapsed deal, they must follow this process regardless of whether a deposit has been received or not.
- All parties to the contract must sign the General Release and Authorization to Pay Deposit Funds.
- Agent uploads General Release and Authorization to Pay Deposit Funds form to transaction checklist item General Release in ReZen
- Agent must have completed all required transaction checklist items in ReZen
Agents must follow these additional steps if a deposit HAS been received.
NOTE: Return of Deposit CANNOT be processed without Deposit Confirmation AND Client Funds Instructions. Complete Client Funds Authorization Form and upload to Client Funds Instructions Checklist item.
- Proof of deposit must have been uploaded to the Deposit tab in your transaction and deposit must show Confirmed.
Agent must help client/Buyer (the name of the individual who provided the initial deposit) to complete and sign the Client Funds Authorization Form as soon as possible.
Agent uploads a complete signed copy to ReZen under the checklist titled Client Funds Instructions including void cheque/EFT form if EFT payment is requested.
That's it! Once you complete the steps above, Real’s Transaction team will review your documentation and initiate the release. You can track the release status in the Release of Funds section in reZEN - How to track release of funds from Real's Trust Account (e.g. Collapsed Deal, Release of Excess Funds).
Once funds are released, normal processing times will apply. ACH and Wire may take 3-5 business days, depending on local bank processing times. Checks may take 7 - 10 business days, depending on mail processing times.