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 remain responsible for immediately paying to their broker/brokerage all trust monies received in connection with trades in real estate. The broker/brokerage remains 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.
The broker remains responsible for collecting, safekeeping and properly disbursing trust funds in connection with trades in real estate. Security deposits within the meaning of The Residential Tenancies Act
are NOT trust funds pursuant to The Real Estate Act. The broker's direction and authority for dealing with trust funds comes from Section 71 of The Real Estate Act
and Section 17 of The Real Estate Regulations.
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.