Ask Jen D.: What Hidden Mistake Could Cost You the Sale of..

By:Jen Dumitrescu

The recent closure of iPro Realty rattled a lot of homeowners and buyers, and for good reason. Beyond the headlines, the real issue was how the office handled deposits.

When you buy a home, your deposit doesn’t go to the seller right away. By law, it goes into a trust account, a special account that brokerages are required to use. That money is meant to stay safe and untouched until closing day. Unfortunately, in iPro’s case (and others before it), the brokerage was accused of dipping into these funds to the tune of approx $8 million. This is not just against the law; it puts buyers and sellers at serious risk. Imagine finding out your deposit isn't there when you need it to close your home purchase.

This is why choosing a realtor isn’t just about personality or a big-name brand. You also need to look deeper at the brokerage behind them. Are they financially stable? Do they have a strong compliance record? Because at the end of the day, that brokerage is the one holding onto your money.

The iPro Realty closure is a reminder that in real estate, trust isn’t just a word; it’s literally the account where your money sits. Before you sign with any agent, verify that both the person and the brokerage are following responsible and ethical practices and legislation with their trust account.

TAGS: #Trust Account Matters, #Real Estate Risk, #Home Buying Tips, #BrokerageTransparency, #iProClosure,#Protect Your Deposit, #Ask Jen D

Jen Dumitrescu isn’t your typical real estate agent—she’s a detail-loving professional who brings big energy, sharp strategy, and a whole lot of heart to the table. She's been helping Toronto buyers and sellers make confident moves since 2007.

jend.ca / jen@jend.ca / IG: jendumitrescu

If you are unclear about what you should be considering in your agent selection, I’ve put together a simple questionnaire that any seller can use when interviewing agents. It covers the questions most people don’t even think to ask—but should. For your free copy - just reach out. jen@jend.ca