An MLS brokerage account holds money from real estate transactions, not the property itself
An MLS real estate brokerage account is a bank account that a real estate brokerage firm holds in trust. When a real estate agent or broker sells a property, the money from that sale does not go directly to the agent or the homeowner. Instead, it lands in this trust account first. The brokerage then distributes the funds to the correct parties — the seller, the agent's commission, title companies, and anyone else owed money from the transaction.
If the agent or broker who owned the account dies, that money does not disappear. It sits in the account until someone — usually the estate executor or a family member — locates it and claims it. The challenge is that these accounts are not always easy to find, and the rules for accessing them vary by state and by which brokerage firm holds the money.
The account itself is separate from the real estate license. A person can have an active MLS brokerage account even if they are no longer actively selling homes. Money can accumulate in the account from past transactions, pending closings, or unclaimed commissions.
Key Takeaways
- MLS brokerage accounts hold transaction money in trust and are required by law in every state, but the rules for accessing them after death differ by state and brokerage.
- The money in the account belongs to the estate, not to the brokerage firm, but you will need to prove your authority as executor or next of kin to withdraw it.
- Start by contacting the brokerage firm where the deceased held the account — they can tell you the balance and what documents you need to provide.
- If you cannot locate the brokerage, check the deceased's tax returns, business licenses, or contact the state real estate commission for a list of brokerages the person worked with.
How money gets into an MLS brokerage account
When a real estate transaction closes, the title company or closing attorney sends the funds to the brokerage's trust account, not to the individual agent. The brokerage holds the money temporarily and then distributes it according to the closing statement. The seller's net proceeds, the agent's commission, and any other payouts all flow through this account.
Money can also sit in the account if a transaction is pending. If a sale was in progress when the agent died, the funds may be held there until the closing completes or the deal falls through. Additionally, some brokerages hold unclaimed commissions or refunds in the account if they cannot locate the agent or the agent's estate.
The account is called a "trust account" because the brokerage is legally required to hold the money on behalf of the parties involved — not for its own use. Every state requires real estate brokerages to maintain these accounts and to follow strict rules about how the money is handled and reported.
Who can access the account after death
The executor of the estate — the person named in the will to handle the deceased's affairs — has the strongest legal claim to the money. If there is no will, the next of kin (spouse, adult children, or parents, depending on state law) can usually claim it, but they may need to go through a probate court to establish their authority.
The brokerage will ask for proof of your authority before releasing any funds. This typically means providing a copy of the death certificate, the will (if one exists), and sometimes a court order or letter of administration from the probate court. Some brokerages will release small amounts without a court order if you can show a death certificate and a government-issued ID.
If the deceased had a spouse, the spouse often has priority. If there is no spouse, adult children are next, followed by parents. The exact order depends on your state's intestacy laws — the rules that apply when someone dies without a will.
How to locate a brokerage account
Start by searching the deceased's financial records. Look for bank statements, tax returns, business licenses, or correspondence from real estate firms. The brokerage name should appear on any of these documents if the person was actively selling or had recently closed a transaction.
Contact your state's real estate commission or board. Most states maintain a public database of licensed brokers and agents. You can search by the deceased's name to find which brokerages they worked with. The commission can also tell you whether the license is still active or has been inactive for years.
If the person worked for a large national brokerage like RE/MAX, Keller Williams, or Coldwell Banker, start with those firms' main offices. Provide the deceased's name and the approximate dates they worked there. The brokerage can search their records and tell you whether an account exists and what the balance is.
Check the deceased's email for correspondence from title companies, closing attorneys, or other brokers. These emails often reference the brokerage holding the funds and can give you the exact firm name and contact information.
State-by-state differences in accessing the account
Every state requires MLS brokerage trust accounts, but the rules for accessing them after death vary. Some states allow the brokerage to release funds directly to the executor with a death certificate and a copy of the will. Other states require a court order or a letter of administration from the probate court before any money can be released.
A few states have unclaimed property laws that allow the state to take custody of the money if it sits in the account untouched for a certain number of years — typically three to five years. If this happens, you can still recover the money by filing a claim with your state's unclaimed property office, but the process takes longer.
Contact the brokerage directly and ask what documents they need from you. They can tell you whether your state requires a court order or whether a death certificate and proof of authority are enough. If they are unsure, ask to speak with their compliance officer or legal department.
What documents the brokerage will ask for
At minimum, expect to provide a certified copy of the death certificate. The brokerage needs this to confirm the person is deceased and to update their records. You will also need to prove you have authority to act on behalf of the estate.
If there is a will, bring a certified copy of the will and proof that it has been filed with the probate court (usually a file-stamped copy). If there is no will, you may need a letter of administration or a court order from the probate court stating that you are the legal representative of the estate.
Some brokerages will ask for a government-issued ID to confirm your identity. A few may ask for an affidavit — a sworn statement — confirming that you are the executor or next of kin and that you are authorized to access the account. Ask the brokerage what they need before you gather documents, so you do not waste time collecting papers they do not require.
What happens if you cannot find the account
If you have searched the deceased's records and contacted the state real estate commission without finding an account, the money may have already been distributed or the account may have been closed years ago. Real estate agents move between brokerages frequently, so an old account may have been settled long ago.
Check your state's unclaimed property database. If the brokerage did not locate the estate and the money sat untouched, it may have been turned over to the state. Search by the deceased's name on your state's treasurer or comptroller website. If the money is there, you can file a claim to recover it.
If the deceased worked for a large national brokerage, contact their corporate office and ask whether they have a process for locating old accounts or unclaimed commissions. Some firms maintain records going back many years and can tell you whether money is owed.
Frequently Asked Questions
How long does it take to get money from the brokerage account after someone dies?
If you have all the required documents and your state does not require a court order, the brokerage can release the funds within one to two weeks. If a court order is required, the timeline depends on how quickly the probate court can issue it — typically two to eight weeks. Some brokerages process requests slowly, so follow up if you do not hear back within three weeks.
Can the brokerage keep any of the money as a fee?
No. The brokerage is holding the money in trust and cannot take a fee to release it to the estate. If the brokerage asks for a fee, that is a red flag — contact your state's real estate commission to report it. The only money the brokerage can keep is any commission that was already earned and documented in the closing statements.
What if there are multiple brokerages listed on the deceased's license?
Real estate agents often work for different brokerages over their careers. Each brokerage maintains its own trust account, so you may need to contact several firms. Start with the most recent brokerage and work backward. Ask each one whether they have records of transactions or unclaimed funds from the deceased.
Do I need a lawyer to access the account?
Not always. If your state does not require a court order and you have the death certificate and will, you can contact the brokerage directly. If a court order is required or if the brokerage is uncooperative, an estate attorney can help you navigate the probate process and compel the release of funds.
What if the deceased owed money to the brokerage?
If the deceased had a negative balance — for example, if they owed the brokerage money from a transaction dispute — the brokerage may offset that debt against any funds owed to the estate. Ask the brokerage to provide an accounting of all transactions and balances so you understand what is owed and why.