Broker Toolkit: Trust Account Responsibilities

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Real estate broker trust account estate trust fund accounts, also real estate broker trust account earnest money or escrow accounts, are accounts that a brokerage company will set up at a bank or some other recognized depository. Any and all money that a client gives the company or the company receives on the client's behalf goes into a trust fund account.

When a brokerage company sets up a trust fund account for the benefit of its clients, the broker is the trustee for the account. This means that the broker is primarily responsible for the money that is in the account. The trust fund account keeps the client's money segregated from the broker's money. This ensures that any money the client wishes to use for a real estate transaction remains in a secure account only accessible to the client or the broker.

Another benefit is insurance. A broker is not only responsible for his own actions, but also for the actions of his salespeople. Commingling is the act of mixing or mingling client's funds with the broker's own money. Generally, a licensee or broker found guilty of mixing or commingling his client's funds with his own personal account can have his license suspended or revoked.

If you feel that your broker has used money that you put in a real estate trust fund for his own person use or has embezzled this money from you in any way, then you should consult a real estate attorney. An experienced attorney will be familiar with the laws governing real estate trust funds and can advise you on whether you have a viable cause of action. We've helped more than 4 million clients find the right lawyer — for free.

Present your case online in minutes. LegalMatch matches you to pre-screened lawyers in your real estate broker trust account or county based on the specifics of your case. Within 24 hours real estate broker trust account local lawyers review it and evaluate if you have a solid case. If so, attorneys respond with an offer to represent you that includes a full attorney profile with details on their fee structure, background, and ratings by other LegalMatch users so you can real estate broker trust account if they're the right lawyer for you.

Can't find your category? Find the Right Lawyer Now! Choose Your Legal Category: Present Your Case Now! Choose a Legal Category. Find Your Lawyer Now! Get legal help - choose a category Family.

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Real estate trust fund accounts, also called earnest money or escrow accounts, are accounts that a brokerage company will set up at a bank or some other recognized depository.

Any and all money that a client gives the company or the company receives on the client's behalf goes into a trust fund account. When a brokerage company sets up a trust fund account for the benefit of its clients, the broker is the trustee for the account. This means that the broker is primarily responsible for the money that is in the account. The trust fund account keeps the client's money segregated from the broker's money. This ensures that any money the client wishes to use for a real estate transaction remains in a secure account only accessible to the client or the broker.

Another benefit is insurance. A broker is not only responsible for his own actions, but also for the actions of his salespeople. Commingling is the act of mixing or mingling client's funds with the broker's own money.

Generally, a licensee or broker found guilty of mixing or commingling his client's funds with his own personal account can have his license suspended or revoked.

If you feel that your broker has used money that you put in a real estate trust fund for his own person use or has embezzled this money from you in any way, then you should consult a real estate attorney. An experienced attorney will be familiar with the laws governing real estate trust funds and can advise you on whether you have a viable cause of action. We've helped more than 4 million clients find the right lawyer — for free.

Present your case online in minutes. LegalMatch matches you to pre-screened lawyers in your city or county based on the specifics of your case. Within 24 hours experienced local lawyers review it and evaluate if you have a solid case.

If so, attorneys respond with an offer to represent you that includes a full attorney profile with details on their fee structure, background, and ratings by other LegalMatch users so you can decide if they're the right lawyer for you. Can't find your category? Find the Right Lawyer Now! Choose Your Legal Category: Find A Lawyer Now! Present Your Case Now!

Choose a Legal Category. Find Your Lawyer Now! Get legal help - choose a category Family.