No more checks slowing things down or getting lost on the copier. Just fill out these fields and your client will get an email inviting them to securely make their earnest money deposit online. Don't worry, anything you fill out here will go into your contract, too.
Sqaak is a totally new way of managing earnest money - no more chasing checks or driving to deliver... buyers don't write a check at all!
This service uses the same bank network you would use to pay your electric bill, and is provided free of charge to buyers and agents.
Here's how Sqaak can make your life easy:
1. You make the invite to your buyer right through the zipForm Plus interface. If you have already started your purchase contract, that data pulls right into the Sqaak invite.
2. Your buyer gets an email letting them know that you have invited them to fund their earnest money deposit. Once they create their account they are stepped through a simple process where they log into their own bank online (so we don't have their account number) and process a payment to the Sqaak account. It is still their money, and can be returned at any time if the transaction does not go through.
3. At the end of the process they are given (and you are emailed) a Sqaak receipt code. That goes into your purchase agreement before you send it for signatures.
4. When both parties agree to the terms of the deal, the broker or escrow agent of the party selected to hold escrow go to the Sqaak site, and using the capture code they can "claim" the funds for delivery to their specific escrow account.
5. The buyer receives a text message and an email telling them the claim has been made and directing them back to the site to approve the movement of the funds from their possession to escrow. They approve, and the funds are delivered.
If the buyer doesn't approve the movement of the funds they remain in the buyer's possession and can be returned to his/her bank at any time. The funds can even be used to support multiple offers until it is successfully claimed.