Yes! You can make a refund to the principle (buyer or seller) only.
1. If you want the refund to be distributed from escrow, you have to write it into the contract or addendum. This way it is included in the escrow instructions and the final statement. (Recommended)
2. You can have Citiwide Real Estate distribute the refund to your buyer or seller. One check will go to you and the other will go to your client(s). A W-9 form is required otherwise the refund will be taxable to the agent.
3. You can make the refund to the buyer or seller yourself but may have to pay income taxes on it. Please advise with your tax advisor before choosing these options.