This process only applies to transactions where Real is holding funds in trust.
If Real is holding a deposit and funds need to be returned (e.g. to the client, title, closing, lawyer, or another group), you will need to Request Release in reZEN.
Before requesting release:
- Make sure you have a verification letter, form, or wire instructions for the recipient. We require a document from the recipient showing the routing number, account number, and account holder name before we can release funds. The information in the release must match the account holder name in reZEN and the release documentation.
- If the deal fell through (DFT), please upload all termination documentation to your transaction checklist. We will need documentation showing the deal fell through and authorizing the release of funds. For more information, see: How do I Terminate a Transaction?
How to Release funds:
This takes 30 seconds - watch the video below or keep reading for details.
Step 1: Login to reZEN and open the transaction.
Step 2: Click Deposits on the transaction. First, please confirm there is already a confirmed deposit on the transaction. If you have not already added the deposit, please see:
Step 3: Scroll down to Release of Funds and click + Request Release.
Step 4: Enter the information for the recipient.
- Select who will receive excess funds from the dropdown
- Refunds should be payable to: enter the name as it appears on the bank account.
- Amount to be released: enter the amount to return (must be less than the amount currently held by Real).
- Funds to be released on: enter the date the funds can be released.
- We strongly recommend selecting Wire for Title Companies and ACH for Buyer/Seller. We can send checks, but they typically delay the closing process.
Step 4: Add the Payment Information. This will vary if you select Wire, ACH or Check.
- The account holder phone number allows us to call the account holder if we have questions about the account.
- Reminder: Verification is required for all electronic deposits.
Step 5: You will see your request under the Release of Funds in reZEN.
Step 6: Once you submit your request, Real's Transactions team will review the request and let you know if any information is missing. As a reminder:
- You must have all required documents uploaded to the transaction. If the transaction was terminated, you need to have the termination and release documentation for your state uploaded. For more information: How do I Terminate a Transaction?
- The information provided in the release must match the account holder name in reZEN and the release documentation provided. If anything does not match, we will reach out to get more information.
Step 7: For any amounts greater than $50,000, your Broker will also need to review and approve the release.
Step 8: Real's Finance Team will release the funds on or after the requested release date - and once all previous steps are approved.
That's it! Please allow 2 business days for funds to be reviewed and released (4 business days if more than $50,000). 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.
Verification Example:
In order to release funds, we need a letter, form, or wire instruction sheet that shows the following information:
- routing number
- account number
- account holder name
The information provided must match the information on the release documentation in reZEN.
If you are unable to get a formal letter (e.g. if funds need to be released to the buyer/seller), please send a formal email with the information included.