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Interest on Real Estate
Trust Account Program
(IORETA)
Real estate brokers who wish
to contribute to the advancement of homeownership in North Carolina are
invited to participate in the Foundation's interest beneficiary program.
It's a simple way to make a big impact in your community!
How Does
it Work?
Through a partnership between
local banks, REALTORS® and their clients, earnest money deposits received
by participating real estate agencies are placed into a special
interest-bearing account at the agency's participating bank. The interest
earned on these accounts is then donated to Homes4NC, which uses the funds for grants to nonprofit
housing agencies that provide direct services to North Carolinians.
Why
Participate in IORETA?
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It's an effortless way to
contribute to a worthwhile cause. Just set up the account and let
your financial institution do the rest!
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While only a few dollars of
interest typically accrue on each earnest money deposit, when pooled
together these funds can have a dramatic impact on our affordable housing
efforts.
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70 percent of the funds come
back to your community in the form of grants, educational programs and
disaster relief.
Steps for
Participating in IORETA
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Read the
opinion letter from the N.C. Real Estate Commission, which
outlines the procedures for participating in the program.
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Set up a separate
interest-bearing trust account at your financial institution using the
Bank Account Set Up
Procedure that has been established by Homes4NC.
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Complete the
Decision Form
letting Homes4NC know that you are participating in the program.
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Tell your clients about the
program and ask for their participation using one of the convenient
standard contract forms created by NCAR (Form 2A11-T or Form 750).
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Be sure to publicize your
participation in this unique program.
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Contact Diane Greene at
800-443-9956 or dgreene@ncrealtors.org
for help with any questions.
Information
& Forms
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Homes4NC - Making a Difference For Affordable
Housing
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