North Dakota Real Estate Commission: Trust Account Information

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Trust Account Information

 

All moneys belonging to others and accepted by the broker while acting in the capacity as a

broker shall be deposited in an authorized financial institution in this state in an account

separate from money belonging to the broker. Clients' funds shall be retained in the depository

until the transaction involved is consummated or terminated, at which time the broker shall

account for the full amounts received.

 

Using a title company to hold earnest money has become a common alternative to a broker trust account which has resulted in many questions on the broker’s responsibilities.  In a nutshell, the responsibilities are the same. Please see Guidelines for Using a Title Company Instead of Using a Trust Account.

 

Please use the links provided here for century code and administrative rules pertaining to the use of a trust account:

NDCC 43-23-14.1

NDCC 43-23-11.1

ND Administrative Rule 70-02-01-15