Special offer
Jack Lewitz (Exit Strategy Realty)

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Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

It should be timely but I know some companies have complicated bookkeeping departments and it takes time to get to the right person. What does the contract say?

Aug 24, 2015 09:53 AM
Rainmaker
212,755
Stefan Winter
Real Estate in IL & NV | Owner of Real Estate Web Tech | Daily Vlogger - Las Vegas, NV
Owner - Winter Group & Real Estate Web Tech

It depends who is holding it and what kind of check it was. If it was a personal check I see how a company may hold it a bit longer just to make sure it is all cleared.

Aug 24, 2015 09:49 AM
Rainmaker
5,868,739
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

In Colorado, they have five days to return the EM.

Aug 24, 2015 07:53 AM
Rainer
465,498
David M. Dwares
Title Professionals Corp. - Fort Lauderdale, FL
Title guy with a broker license

It depends on the type of the deposit and who is holding it.  We often hold escrow money and if we get a personal check for an offer that cancels 3 days later, we are going to wait at least 10 business days from the date of deposit before we issue a refund check.

Aug 24, 2015 07:47 AM
Rainmaker
784,786
The Woodland Team of Texas
The Woodland Companies - Austin, TX
Land Specialists

What does your state and your broker say?

Nov 28, 2018 12:34 AM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Well, the seller doesn't hold EM--one of the brokerages or an attorney holds it. If it isn't paid promptly after everyone has signed off on the return of EM, it's not typically the seller's fault.

Aug 24, 2015 09:38 PM
Rainmaker
1,157,785
FN LN
Toronto, ON

We don't have EM in Ontario.  However, deposits made to a brokerage are generally not refunded until a mutual release is signed by all applicable parties or a relevant court order directing that the funds are to released.  There may also be other issues to consider.

Aug 24, 2015 09:23 PM
Rainmaker
979,496
Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Jack - I am not sure what the exact rules are here in AZ, but 5 business days does not seem that unreasonable.

Aug 24, 2015 03:24 PM
Rainmaker
764,033
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

I re-list is BOM back on the market immediately upon notice that they are canceling.  We use "subject to cancellation of previous of escrow" in California.  Both parties need to sign the cancellation before escrow is allowed to return the check.  The seller likes to punish the buyer and delay signing it at times.  The Earnest Money should be returned directly to the buyer immediately upon receipt of cancellation instructions being signed by all parties to the transaction.

Aug 24, 2015 01:37 PM
Rainmaker
2,224,473
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

I think sellers should be able to come back on the market after the sales contract is canceled...as long as there isn't an EM dispute. The return can take a few days. It would also depend on whether the buyer is local or not. In my area we have a lot of out of the area buyers. 

Aug 24, 2015 01:23 PM
Ambassador
3,164,405
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I hold it until I know it has cleared my bank.  If it is an out of state personal check that's 10 days.  If it was wired it is immediate. If it was drawn on a local bank and they will verify it's cleared I will issue sooner.

Aug 24, 2015 11:37 AM
Rainmaker
699,277
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

5 days is a bit too fast.  The escrow agent does have more than 1 customer at a time.  Wait your turn.

Aug 24, 2015 10:30 AM
Rainmaker
1,726,096
Sandy Padula & Norm Padula, JD, GRI
HomeSmart Realty West & Florida Realty Investments - , CA
Presence, Persistence & Perseverance

Every state is different. We expect that any escrow check must clear before a return can be facilitated and that is also dependent on the parties to the contract all agreeing to the return. 

Aug 24, 2015 10:24 AM
Rainer
67,369
Evelyn M Epperson
Coldwell Banker Residential Brokerage - Johns Creek, GA
A Tradition Of [Excellence, Trust & Service]

When KW receives the termination the buyer can get there EM check refund within 2 days.

Aug 24, 2015 08:57 AM
Ambassador
6,394,315
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

Banks hold your money, why not brokers, 5 days is not a big deal.

Jun 04, 2018 10:19 PM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Jack Lewitz When all parties have signed off on the release form.

Aug 24, 2015 10:31 PM
Rainmaker
4,883,260
Richard Weeks
Dallas, TX
REALTOR®, Broker

In our area the title company ususally determines the time frame.  5 business days is way too long.  I think 2 is reasonable.

Aug 24, 2015 09:59 PM
Rainmaker
1,622,432
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

This questions should be addressed to your escrow rep and their policies. Usually, they are quite fast in returning EMD and closing the file.

Aug 24, 2015 04:34 PM
Rainmaker
1,683,912
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

They should have it back within a week.  Usally is is less.

Aug 24, 2015 12:57 PM
Rainmaker
1,153,794
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

The regulations should work both ways, deposited within the next business day and returned upon the next business day. Maybe that's too simplistic for some.

Aug 24, 2015 12:13 PM