Ontario Collapsed Deal - Return of Deposit Process

Agents must follow this process regardless of whether a deposit has been received

1. Agent sends the Mutual Release for review and digital signature to the Broker (after buyers, other brokerages, and sellers have signed) at ONbroker@therealbrokerage.com or ONbroker1@therealbrokerage.com
   • Must Include ‘Name of Payee(s)’ if deposit funds have been received, including exact amount(s).
2. Agent forwards signed copy to Other Brokerage
3. Agent changes status of MLS listing to “deal fell through” (If applicable)
   • Upload a copy of the updated MLS Listing to reZEN checklist.
4. Agent must have completed all required transaction checklist items in reZEN

Agents must follow these additional steps if a deposit HAS been received

1. Buyer’s Agent must help their client with completing and signing “Client Funds Authorization Form” 
   • REAL agent must forward “Client Funds Authorization Form” to the Buyer’s agent
   • The Buyer’s Agent must send back to Agent a completed copy of “Client Funds Authorization Form”. If EFT, a copy of the buyer’s void cheque will be required as well
2. Agent uploads everything to reZEN under the checklist item “Client Funds 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.

NOTE: Return of Deposit CAN NOT be processed without proof of deposit AND Client Funds Instructions. Upload completed Client Funds Authorization Form to “Client Funds Instructions” Checklist item.