Earnest Money Disbursement from a
non-disputed T&R: If you have a contract that terminates
and there is no dispute over the disbursement of the earnest money, follow the
following procedures:
- GAR (1 form) - T&R is on 1 form
- RE Forms (2 forms) - Termination is on
"Notification" form & Release" is on "Release of
Trust Funds" - you need BOTH these forms to T&R a transaction
using the RE Forms.
- The termination of any contract is
UNILATERAL; the release of the earnest money is BILATERAL & requires
agreement by Buyer and Seller.
- Upload the signed T&R to your transaction
in Paperless Pipeline
- After the compliance broker reviews the
documents, they will be sent to the accounting department for
disbursement
- A check will be cut to the party on the
T&R and printed at your branch office
- You are to pick up the earnest money
disbursement and deliver it to the appropriate party
- This process takes a MINIMUM of 72 business
hours
