Maintenance of Trust Accounts

The Real Estate Act of Saskatchewan requires that every real estate brokerage maintain one or more interest-bearing trust accounts in a financial institution in Saskatchewan. Registrants must immediately pay money received in connection with a trade in real estate to their brokerage. The broker/brokerage are responsible for ensuring that all real estate trust monies received are deposited into the real estate trust account within two business days of the acceptance of a real estate contract or the day on which the money was received by the brokerage, whichever is later.

The broker is responsible for collecting, safekeeping and properly disbursing trust funds in accordance with s. 71 of The Real Estate Act and s. 17 of The Real Estate Regulations. Security deposits within the meaning of The Residential Tenancies Act are NOT trust funds pursuant to The Real Estate Act.

A broker/brokerage must maintain records relating to the trust account(s) as outlined in Part Six of the Commission Bylaws. At the very minimum, brokerages must retain copies of deposit slips, original cancelled and/or voided cheques and a manual or electronic Trust Ledger System for trust monies received. At least once a month, the broker must reconcile the trust liability to the bank account.