The Earnest money deposit (EMD) is a very important part of the home buying process. You can keep track of this within Brokermint and also run reports as needed for compliance purposes. There are a set of fields that are made available in all accounts. They can be found and tracked in additional fields of each transaction.
All of the information entered into these fields will then transfer to the Deposit report, which can be found under the Reports tab.
Earnest money is a deposit made by a purchaser of a real estate to evidence "Good faith". Example: It is customary for buyer to give the seller "earnest money" at the time the sales contract is signed. This is usually credited to the down payment at closing. The broker must hold this money in a separate account.
To track this information please follow these steps below:
- Be sure that Deposit report is configured properly;
- Be sure all fields are filled in within each transaction;
If you do not see this report or fields in your account please contact firstname.lastname@example.org