What kind of funds do real estate agents disburse? Where do they disburse the funds?
Posted on February 21st, 2010 in Renting & Real Estate | 4 Comments »
nicole c asked:
Real estate agents disburse funds to where? Can the real estate agent be in charge of doing this?
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Real estate agents disburse funds to where? Can the real estate agent be in charge of doing this?
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4 Responses
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Mesa Real Estate Listings
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Real Estate For Sale
depending on the state you are in, the CLOSING attorney or the
title company disburses funds. The agent NEVER does this.
they disburse the commissions and all the closing costs and
the sales price.
Brigantine Homes
Typically, the funds a Realtor disburses are funds from the clients. It is placed into an escrow fund. By law; the Realtor cannot use those funds other then for the transaction. He will give them to either the buyers, sellers or the court. To give the money to the buyers or the sellers or some combination of the two-he must have written direction of the parties. If he has to send the money to the courts–something really bad has happened. There are some funds that the Realtor will disburse for property management operations–that may be funds on hold or out of his/her pocket. But there is an expectation that the property owners are responsible for those types of payments.