Agents must follow this process regardless of whether a deposit has been received:
- Agent must have completed all required transaction checklist items before a transaction can be terminated.
- Click the red TERMINATED button and comment on why the transaction is being terminated.
Agents must follow these additional steps if a deposit HAS been received:
NOTE: Return of Deposit CANNOT be processed without proof of deposit AND Client Funds Instructions. A complete Client Funds Instructions is required for all EFT payments.
Making a trust deposit is what triggers FINTRAC record-keeping requirements, even if the deal has collapsed.
- Proof of Deposit must have been uploaded to the checklist and deposit confirmed by Real.
- Agent must provide to the Buyer client or Buyers Agent the “Client Funds Instructions” as soon as possible.
- Deposits can only be refunded to the same person or entity that provided the deposit.
- Agent must upload a complete Client Funds Instructions to checklist item 16. Return Of Trust Deposit Instructions.
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.