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Answers (9)
- Kevin Olson, Jessica Laude, "Higher Living Team"
- Contributions:1954
The answers you have already have been great, but the big thing I'm wondering is whether or not this process was explained to you by your agent? This is a huge thing and really has to be something fully explained before having you write a check. It's a standard process, so explaining it should be easy for an agent to do.
- Fabrice Muratore, "Fabrice"
- Contributions:82
In WA within 1 business after mutual acceptance.
In the case of a short sale, it will handed to the broker within 24h of mutual acceptance, and cashed 1 business day after bank approval.
In the case of a short sale, it will handed to the broker within 24h of mutual acceptance, and cashed 1 business day after bank approval.
- Philip Roy, "PhilipARoy"
- Contributions:52
Hello,
The Buyer's Earnest Money Check is typically given by the Agent to their Broker within 1 day. The Broker then typically holds the check until a Purchase Agreement is fully executed. If your offer is accepted and executed the Broker will then open Escrow with your check. However, the Broker can deposit the Escrow check into a Trust account immediately upon receipt in some States. This practice is typically not common though and you can give the Agent/Broker specific instructions related to how you want your Earnest Money handled if you are concerned. Once the Escrow is opened the Escrow Company will typically deposit your check into their Bank within 2 days. Hope this helps.
Philip Roy
Broker
PR Properties Group
The Buyer's Earnest Money Check is typically given by the Agent to their Broker within 1 day. The Broker then typically holds the check until a Purchase Agreement is fully executed. If your offer is accepted and executed the Broker will then open Escrow with your check. However, the Broker can deposit the Escrow check into a Trust account immediately upon receipt in some States. This practice is typically not common though and you can give the Agent/Broker specific instructions related to how you want your Earnest Money handled if you are concerned. Once the Escrow is opened the Escrow Company will typically deposit your check into their Bank within 2 days. Hope this helps.
Philip Roy
Broker
PR Properties Group
- ConnieK_Oklahoma
- Contributions:2899
it likely varies greatly by state. Most of the answers so far appear to be other than in your state. Keep an eye out for answers from WA agents. Suspect those are the best ones.
- AL McCaw, "Al McCaw"
- Contributions:286
In Nevada, 24 hours is the time given from when the buyer gives the check. Realtor must give it to broker or escrow/title company. They typically take a couple of days or more to deposit/cash.
- Geordy Rostad, "geordy"
- Contributions:991
When reviewing your contract, pay attention to the addenda. They can have an effect on when the e/m needs to be deposited. Particularly a form 22SS used in a short sale transaction.
- Karen Oliver, "emeraldcoaster"
- Contributions:21
In Florida we have 72 hours (working hours) to give the Escrow Deposit check to a Title Co., Real Estate Attorney or Brokerage that can legally handle/hold for deposit, those monies.
You would need to verify with a professional (Realtor), as to what your state requires. Every state is different in some way or another.
You would need to verify with a professional (Realtor), as to what your state requires. Every state is different in some way or another.
- Robert Merhaut, "Robert Merhaut"
- Contributions:348
Dear klstanfield;
If you read your contract it should clearly state when earnest monies should be deposited... Not knowing your contract, it would be very difficult to determine the answer to your question.
Happy reading!
If you read your contract it should clearly state when earnest monies should be deposited... Not knowing your contract, it would be very difficult to determine the answer to your question.
Happy reading!
- Darrell Self, "Darrell Self"
- Contributions:349
It is typically cashed within 24 hours of being delivered to the title company. The terms regarding release of the earnest money is set by the contract. You can contact the tilte company or your agent to find out if that is different in your area.
What are the general rules regarding 'earnest money'?
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