Terms and Conditions of Use & Privacy Policy

Your agreement to Terms and Conditions of Use and Privacy Policy

Your use of TrustFunds.us.com and TrustFunds Service (collectively, “TrustFunds”) is governed by this Terms and Conditions of Use and our Privacy Policy. Please review these documents before using TrustFunds.us.com. Your use of TrustFunds constitutes your agreement to be bound by all of terms and conditions as more fully described herein. If you do not agree and do not want to be bound by the Terms and Conditions or the Privacy Policy, do not use TrustFunds. If you register for a TrustFunds account, additional Terms and Conditions of Use and Privacy Policies may apply.

Modification to TrustFunds‘ Terms and Conditions

TrustFunds may modify the Terms and Conditions at any time for any reason. TrustFunds will post any modifications to the Terms and Conditions by updating this page and will indicate a new revision date. If you continue to use TrustFunds after a modification has been made, you agree to such modification. If you do not agree and do not want to be bound by the modifications, do not use TrustFunds.

TrustFunds Services

TrustFunds services include an electronic payment process through the Automated Clearing House (“ACH”) from a consumer’s bank account (“Buyer”) to the designated trust account holder (“DTAH”) responsible for holding earnest money or other electronic payments made in connection to a real estate transaction, including but not limited to, down payment and closing costs pursuant to an executed purchase agreement for real property.

Authorized Transactions

Prior to processing a transaction, the Buyer must certify their authority to authorize an electronic payment from the bank account provided. Such electronic payments are considered authorized debits as defined by the National Automated Clearing House Association’s rules (“NACHA”).  The Buyer shall, if applicable, acknowledge and agree to pay the current published convenience fee, charged to the provided bank account. In the event that a Buyer’s earnest money payment does not process successfully, TrustFunds shall provide the Reason Code provided by the bank. Agent shall be notified of the payment status and shall be responsible to communicate with Buyer to properly submit earnest money.

If Buyer, in good-faith, believes a transaction that has been debited from their bank account is inaccurate, erroneous or fraudulent, Buyer shall notify their real estate agent or TrustFunds.

TrustFunds does not receive or hold any payments.  Payments are deposited into a DTAH’s trust account.  In the event a Purchase Agreement is cancelled, the earnest money shall be disbursed by the DTAH according to the terms of the Purchase Agreement or other required cancellation paperwork or state law.

Payment Dispute

If there is a dispute between the parties to a Purchase Agreement regarding the disbursement of the earnest money, Buyer shall be obligated to comply with all terms of the Purchase Agreement and state law, if any, regarding such disbursement.  Failure to do so may result in legal action.  DTAH acknowledges that TrustFunds is not liable for any dispute that may arise between the Buyer and the DTAH.

The DTAH shall pay fees for TrustFunds’ services pursuant to the TrustFunds Service Agreement. Real estate agents (“Agent”) shall pay convenience fees, if any, for TrustFunds’ services pursuant to an election in Agent’s profile.

All Agent profiles are auto-activated upon execution of an agreement with the multiple listing service (“MLS”). Default settings for an Agent profile include receipt of all status email notifications of transactions and payment of the convenience fee by the Buyer. The Agent may update or modify his or her profile at any time.

Information we collect

TrustFunds may collect “nonpublic personal information” about you from the following sources:

1. Information TrustFunds receives from you in an application or to complete a transaction
2. Information TrustFunds receives from other third parties
3. Information TrustFunds receives from an MLS

Your use of TrustFunds authorizes TrustFunds to permanently keep certain personal information such as name, email address, and phone number for record keeping of the transaction.

Information we disclose

TrustFunds does not disclose specific information about you or other personally identifiable data to third parties unless:

1. You request or authorize it; or
2. The information is disclosed to complete a transaction; or
3. It is necessary to disclose information to identify you in a multiple listing service as a TrustFunds’ subscriber; or
4. The disclosure is otherwise lawfully permitted or required

Transmission and storage of online payment data

TrustFunds exchanges the online payment data you provide with an ACH processing vendor (“ACH Vendor”). TrustFunds will transmit to the ACH Vendor, via Secure Sockets Layer (SSL) connection over the Internet, payment instructions and banking information that you provide to TrustFunds. TrustFunds will encrypt and store such payment instructions and banking information on its systems only long enough to complete the transaction, at which point the information is removed.  The ACH Vendor may continue to store such payment instructions and banking information on its system.  For more detailed information regarding the privacy and security of the ACH Vendor, go to www.reliafund.com.

Security of online payment data

TrustFunds uses reasonable measures to protect the security of the data you provide for online payment processing. Please be aware, however, that the security and confidentiality of information sent over or connected to the Internet cannot be guaranteed. TrustFunds shall have no liability for incomplete or erroneous transactions caused by receipt of inaccurate information, lack of sufficient funds, loss or misuse of the user’s authentication information, or for any other circumstances not subject to TrustFunds’ control. TrustFunds and the ACH Vendor reserve the right not to process any transaction which is believed to be erroneous, unauthorized or otherwise invalid or unlawful.

Copyrights and trademarks

The trademarks, names, logos and service marks (collectively “Trademarks”) displayed by TrustFunds are registered and unregistered Trademarks of TrustFunds. Nothing contained herein should be construed as granting any license or right to use any trademark without the prior written permission of TrustFunds.

Confidentiality

Confidential Information (“Confidential Information”) means any and all business and technical information (including but not limited to (i) TrustFunds’ software, methods, processes, and technology for performing the Services; (ii) fees charged or paid by Trustfunds, marketing plans, financial data, specifications, computer programs, or documentation, whether or not marked as confidential or proprietary and provided, disclosed or made available by TrustFunds. The parties will restrict access to the Confidential Information to employees or agents who have a “need to know.” The parties, employees or agents, will not disclose the Confidential Information to any third party (except as provided under this Terms and Conditions of Use and our Privacy Policy) and will treat the Confidential Information in the same way the party treats its own Confidential Information, but with no less than a reasonable degree of care. The restrictions set forth in this section do not apply to information which is in the public domain, previously known to the receiving party without obligation of confidentiality, independently developed by the receiving party or rightfully obtained by the receiving party from a third party that does not have an obligation to keep the information confidential.

Governing law

Use of TrustFunds shall be governed in all respect by the laws of Minnesota.

Disclaimer

TRUSTFUNDS DISCLAIMS ALL WARRANTIES REGARDING THE TRUSTFUNDS’ SERVICE, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR THAT THE TRUSTFUNDS’ SERVICE WILL BE UNINTERRUPTED, ERROR-FREE, OR SECURE. IN NO EVENT SHALL TRUSTFUNDS BE LIABLE FOR ANY TYPE OF INCIDENTAL, PUNITIVE, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER ARISING UNDER THEORY OF CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY OR OTHERWISE. TRUSTFUNDS’S LIABILITY WITH RESPECT TO ANY CLAIM SHALL BE LIMITED TO A REFUND OF ANY REVENUE RECEIVED BY TRUSTFUNDS FOR PROCESSING THE SPECIFIC TRANSACTION GIVING RISE TO THE CLAIM. TRUSTFUNDS DISCLAIMS ALL WARRANTIES FOR GENERAL INTERNET CONNECTIVITY, THIRD-PARTY COMPONENTS AND/OR PERIPHERAL SERVICES INCLUDING, BUT NOT LIMITED TO: INTERNET CONNECTIONS TO/FROM THE PRODUCT, SECURITY CERTIFICATES, INTERNET BROWSERS (INCLUDING COMPATIBILITY WITH ANY SPECIFIC BROWSER), EMBEDDED THIRD-PARTY CODE LIBRARIES, AND AVAILABILITY/UPTIME ASSURANCE OF ANY UNDERLYING HOSTING OR CLOUD PLATFORM.

Limitation of Liability

NOTWITHSTANDING ANY PROVISION IN the Terms and Conditions or the Privacy Policy TO THE CONTRARY, (A) IN NO EVENT WILL TRUSTFUNDS BE LIABLE FOR INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR SPECIAL DAMAGES (INCLUDING WITHOUT LIMITATION, TO THIRD PARTIES); AND (B) TRUSTFUNDS’ LIABILITY TO YOU UNDER THESE Terms and Conditions or the Privacy Policy OR WITH RESPECT TO SERVICES PERFORMED OR MATERIALS FURNISHED HEREUNDER (WHETHER UNDER CONTRACT, TORT, OR ANY OTHER THEORY OF LAW) SHALL IN NO EVENT EXCEED THE AMOUNT PAID BY YOU, IF ANY, TO TRUSTFUNDS IN THE TWELVE MONTH PERIOD PRECEDING THE CLAIM. THE FOREGOING LIMITATIONS OF LIABILITY REPRESENTS THE ALLOCATION OF RISK OF FAILURE BETWEEN THE PARTIES AS REFLECTED IN THE PRICING HEREUNDER AND IS AN ESSENTIAL ELEMENT OF THE BASIS OF BARGAIN BETWEEN THE PARTIES. THE FOREGOING LIMITATIONS OF LIABILITY WILL SURVIVE AND APPLY EVEN IF THEY HAVE FAILED OF THEIR ESSENTIAL PURPOSE.  IN NO CIRCUMSTANCE SHALL TRUSTFUNDS LIABILITY EXTEND TO FAILURE OF GENERAL INTERNET CONNECTIVITY, THIRD-PARTY COMPONENTS AND/OR PERIPHERAL SERVICES INCLUDING, BUT NOT LIMITED TO: INTERNET CONNECTIONS TO/FROM THE PRODUCT, SECURITY CERTIFICATES, INTERNET BROWSERS (INCLUDING COMPATIBILITY WITH ANY SPECIFIC BROWSER), EMBEDDED THIRD-PARTY CODE LIBRARIES, AND AVAILABILITY/UPTIME ASSURANCE OF ANY UNDERLYING HOSTING OR CLOUD PLATFORM.

Force Majeure

No Party will be responsible for the breach of any obligation established in these Terms and Conditions or the Privacy Policy if such breach is caused, directly or indirectly, by war (declared or undeclared), insurrection, epidemic, pandemic, public health crisis, civil disturbance, orders, rules, regulations or decrees of any competent government authority, strikes, labor shortages, fire, flood, earthquake, storm, pandemic, failure of Internet access service, power outage, or act of God.