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Responsible Accounting Matters for Long-Term Success

By
Real Estate Agent with Red Rock Real Estate (435) 632-9374 UT DRE# 6541633-SA00

Responsible Accounting Matters for Long-Term Success

 

Commingling funds will get a real estate agent in big, BIG trouble. Even the description screams...

 

🚫🚫🚫 "Don't Do it!" 🚫🚫🚫

 

Placing earnest money in a trust account with the brokerage or with a title company is expected, not in an agent's checking account over the weekend for convenience sake or because the office has closed for the day. In that case, put it somewhere for safekeeping until it can be deposited properly.

 

🚫🚫🚫 Or Don't Take It! 🚫🚫🚫

 

Wiring money has become so easy, taking the funds out of the agent's hands, placing it directly where it belongs. One responsibility to keep in mind, is discussing the Wire Fraud Disclosure that warns against online crime. Clients must read, sign and date, verifying that they fully understand the form.

 

🚫🚫🚫 Prevent Wire Fraud! 🚫🚫🚫

 

Scammers are getting smarter than ever, so knowing that pre-cautions are in place to protect buyers and sellers, can give them peace of mind. Experienced real estate agents are most diligent in implementing proven methods to prevent significant financial losses.

 

All professionals can remain in good standing by using ethical means when handling clients funds through responsible accounting.

 

So, just do it!

Posted by

I, Wanda Kubat-Nerdin at Red Rock Real Estate Utah am responsible for my opinions expressed in this blog. Information herein is deemed to be reliable but not guaranteed and may change due to market conditions. Please do not take my pictures or artwork and use them as your own, they are my property and copyrighted.

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Wanda Kubat-Nerdin is a southern Utah REALTOR® assisting buyers and sellers in in the St. George area, Dammeron Valley, Diamond Valley, Veyo, Central, Hurricane, Ivins, La Verkin, Leeds, Santa Clara, and Washington real estate markets.
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Red Rock Real Estate
90 E 100 S, St. George, UT 84770

BuynSellUtah.com
Mobile: (435) 632-9374 call or text
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Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey Residential Sales

I am pretty "crazy" about this, and I know I have been a thorn to the buyer's agent, but I do not care.  I need proof that the money has been deposited, period.   Great post! 

May 25, 2024 06:56 AM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Great Points Wanda!!!

I have seen many agents deviate from that and get in trouble first with their broker since the check was made out to Broker's name

May 25, 2024 07:49 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Wanda and you nailed it on your blog of the do's and don'ts for us to follow here in the Rain.  Make it a great Holiday weekend.

 

May 25, 2024 08:01 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

A property manager here, got in trouble more than once for depositing checks into her bank account. It really isn't hard to understand guidelines and follow them, Michael Elliott.

Some just make bad choices!

May 25, 2024 08:24 AM
Michael Elliott

Wow,   they should have lost their license.  

May 25, 2024 08:44 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

That's a lesson to be learned and people should not mess around with client's money, Sham Reddy CRS. It's irresponsible!

May 25, 2024 08:27 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

We had date night in the Silo last night and are going fishing tomorrow, Will Hamm. Hope you have a wonderful weekend!

May 25, 2024 08:28 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Wanda,

We do not collect earnest money or option fees. in Texas..the Title company does and I love it that way. No need to ever make a deposit where it shouldn't be going!

May 25, 2024 09:41 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

The less risk, the better, Dorie Dillard Austin TX. Wiring funds is so much simpler as well!

May 25, 2024 09:43 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

As we are a lawyer closing state, I have started to request buyers write the escrow checks payable to the closing attorney and that makes it safe for me.

May 25, 2024 09:47 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thanks for sharing, make it a great Saturday and enjoy your Holiday weekend!

Bill Salvatore, Realtor- Arizona Elite Properties

May 25, 2024 09:50 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Placing clients money where it belongs makes me feeel a lot more comfortable than hanging on to it for any period of time, Ed Silva, 203-206-0754!

May 25, 2024 03:10 PM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Happy to share, Bill. Have a wonderful weekend yourself!

May 25, 2024 05:37 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Not accounting for everything properly will certainly land a broker in hot water with the department of real estate, haha.

May 26, 2024 05:42 AM
Wanda Kubat-Nerdin - Wanda Can!
Red Rock Real Estate (435) 632-9374 - St. George, UT
St. George Utah Area Residential Sales Agent

Ethical practices can guide us in business and to amazing people, Brian England!

May 26, 2024 01:48 PM
Leanne Smith
Dirt Road Real Estate - Golden Valley, AZ
The Grit and Gratitude Agent

Making sure funds are deposited to the Escrow/Title firm is the responsibility of agents on both sides of the transaction. I also include a wire fraud notice with all presentation packets I share with clients. As it has been said: Call before you wire.

May 27, 2024 09:17 AM