What is a Receipt of Funds Record?

A Receipt of Funds Record serves as a formal documentation that a REALTOR has received funds related to a transaction, such as deposits or earnest money from clients. This record is crucial as it provides transparency and accountability in financial dealings, ensuring both the REALTOR and the client have a clear understanding of transactions that have taken place.

Such records help maintain organized financial records and are essential for compliance with real estate regulations in New Brunswick. They typically include details such as the amount received, the date of the transaction, and the purpose for which the funds were received. This contributes to responsible property management and financial practices within real estate transactions.