Schedules & Deposit Info
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Schedules
Schedules
Schedule B HS Rev Jul 2024.pdf_______________________________________
Schedule A Lease Clauses
for use with a Lease Offer and uploading with Lease Listings.
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HS Schedule A Lease (Clauses).pdfIMPORTANT UPDATE: AUGUST 2022
HouseSigma now puts its deposits in an interest bearing account. We have updated our schedule B accordingly. DO NOT USE THE OLD FORM
Our Schedule B's are now separated Purchase/Lease Ensure you upload the correct one to your HouseSigma Listings.
UPDATED NOVEMBER 2022
Our Schedule B's have been updated to clarify we do not include Cash or Virtual Currency.
Background
We have as an industry confused terms. We casually refer to schedule B as being mandatory..
What is mandatory is a declaration of where the brokerage puts the deposit money and what they do with the deposit interest. This by the way includes leases. Anytime we are taking funds and putting them into our deposit trust account we must make this disclosure.
Almost all brokerages provide this declaration by containing it in a schedule B (and will often add other clauses to their clients or their own benefit... watch for this! Your client is not obligated to agree to clauses inserted into a schedule.)
If you come across a brokerage who tells you they don't have a Schedule B or they do not put its deposit into an interest bearing account. Some may feel that means there is nothing to disclose. Reco would say differently.
They should have some sort of declaration such as:
"The Deposit Holder shall place the deposit in a Real Estate Trust Account. The Listing Brokerage does not pay interest to the beneficial owner of the trust money."
If the listing agent has not provided an interest deposit you can include in your offer the following:
The listing agent has not provide a trust deposit interest disclosure and as such the buyer/tenant will take this to mean that the Deposit Holder shall place the deposit in a non interest bearing Real Estate Trust account
Deposit & Commissions
Deposit & Commissions
Wire Transfer & Direct deposit RE TRUST - Rev.Nov2022.docx.pdfDeposits
Deposits
IMPORTANT UPDATE: NOVEMBER 2022
This updated Deposit Instruction form has been updated to clarify we do not accept Cash Deposits or Virtual Currency. Please replace any old forms you have kept on your desktop or mobile devices.
NOTE: Direct Deposit Form also includes instructions for Wire Transfer
IMPORTANT IF USING WIRE TRANSFER METHOD. THE CLIENT WILL BE CHARGED ON THEIR END AND MUST ALSO ADD $17.50 TO THE DEPOSIT AMOUNT to cover the cost on OUR end. If they do not add $17.50 the deposit will be short of full amount.
Did you Know?
We have a learning module on Deposit Best Practices
Schedule A & Commission Rebate Guide
Schedule A & Commission Rebate Guide
HouseSigma_Inc.__Commission_Rebate_Guide.pdfHouseSigma Inc. - Schedule A (Cash Rebate).pdfNOTE: THERE IS NO OPTION FOR DROPPING A DEPOSIT CHEQUE IN PERSON TO THE OFFICE
NOTE: THERE IS NO OPTION FOR DROPPING A DEPOSIT CHEQUE IN PERSON TO THE OFFICE
Commission Direct Deposit
Commission Direct Deposit
From time to time you may elect to pick up a commission cheque to speed up payment. There are separate deposit directions for that.
If you wish to make a commission cheque deposit please contact Accounting@HouseSigma.com for the deposit instructions.
Once the direct deposit is completed, please email the TD deposit receipt, and a copy of the commission cheque to: Deals@HouseSigma.com
Write the Property address on the TD Deposit receipt.
VERY IMPORTANT: RECEIPT FOR DEPOSIT
VERY IMPORTANT: RECEIPT FOR DEPOSIT
When using Direct Deposit OR Wire Transfer the accounting department needs to match these funds before providing a receipt.
Process: Buying Agent
1. Sender must complete the Direct Deposit/Wire Transfer at any TD Canada Trust location. (For wire Transfers at additional fee of $17.50 must be included to cover bank service charges.)
2. Sender must get a copy of the bank draft/certified cheque AND the deposit receipt
3. Buying Agent must email the copy of the bank draft/certified cheque AND the TD receipt to Deals@HouseSigma.com and cc the listing agent same day the deposit is completed.
4. Accounting will then e-mail the buyer agent you a Deposit Receipt and cc the listing agent.
Process: Listing Agent
1. Receives a copy of the bank draft/certified cheque AND the TD receipt from the buying agent the same day the deposit is made
2. Write the “Property Address” on the copy of the TD receipt or Email Subject line
3. E-mail the copy of the TD receipt + bank draft/certified cheque + your deals paperwork to deals@housesigma.com
If you have any questions about the above processes, please contact your accounting at deals@housesigma.com
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