Agents must follow this process regardless of whether a deposit has been received:
- Agent uploads Notice of Buyer Conditions Not Satisfied, Notice of Seller Conditions Not Satisfied, or Notice of Termination and Deposit Release to transaction checklist item Notice Of Conditions Not Satisfied - Deposit 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:
- Buyer (the name of the individual who provided the initial deposit) must complete and sign Client Funds Instructions directing how to return the funds.
- Agent uploads a complete signed Client Funds Instructions to reZEN under the checklist item Return Of Trust Deposit 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.
NOTE: Return of Deposit CANNOT be processed without proof of deposit AND all steps outlined above.