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TrustFunds Is Now Available at Investors Title Company!

We are pleased to announce that TrustFunds, the most secure and convenient way to deposit earnest money, is now available at Investors Title Company! This new online payment service is here to help automate the delivery and deposit of earnest money.

First Things First – What Is Earnest Money?

Earnest money is a monetary deposit that the buyer makes to show the seller good faith that they are serious about purchasing their property. It allows the buyer additional time to secure financing for their purchase while reassuring the seller that they intend to follow through on their offer. Sellers will rarely accept a buyer’s offer without an earnest money payment.

The earnest money deposit is generally anywhere from 1 – 5% of the property’s total purchase price. The sales contract typically stipulates that any expenses for services that the buyer requests will be withheld from the earnest money and paid to the service provider – i.e., a surveyor, building inspector, etc. Should a purchase agreement be cancelled, earnest money is refunded to the buyer.

How TrustFunds Makes Earnest Money Easy

TrustFunds was created to modernize the earnest money process and eliminate the need for paper earnest money checks. Their online payment tool is secure, easy to use and designed specifically for real estate. With TrustFunds, earnest money funds can now be deposited directly into Investors Title Company’s designated trust account. Buyers no longer have to write a check and bring  it to their agent to deliver, and sellers no longer have to wonder if the check is in the mail or if the payment will go through.

TrustFunds streamlines earnest money payments into just a few simple steps. First, when the buyer has a fully executed purchase agreement, the agent locates the property in their MLS, clicks the TrustFunds icon and fills in the necessary information. Then, the system sends an email to the buyer. When the buyer receives their email, they simply follow the link within to enter their banking information and authorize the payment.

Finally, TrustFunds confirms the payment and sends messages to the buyer, seller and agent informing them each that the payment has been made. That’s it! This graphic illustrates how TrustFunds streamlines the earnest money process, eliminating unnecessary steps and keeping all parties informed in real-time.

If the purchase agreement is cancelled, the buyer can be refunded in the same secure, convenient electronic manner. All parties involved have 24/7 reporting capabilities and are able to track the status of the earnest money in real time, providing peace of mind and reducing the need for unnecessary back-and-forth communication.

Buyers will pay a one-time fee of $5 directly TrustFunds at the time the funds are sent through the ACH.

As the leaders in St. Louis title services, ITC is committed to providing superior experiences to all our customers. We are excited to offer this secure, convenient new transaction service to our customers!