1,108,758
I can't remember the last time I held an earnest money check. Funds are almost always wired or overnighted, and we write a provision into the contract that it will arrive within 24 business hours. Escrow prefers a wire as well.
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Chris Ann Cleland
Gainesville, VA
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Allie Angeloni
Oro Valley, AZ
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Fred Griffin Florida R...
Tallahassee, FL
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Michael Jacobs
Pasadena, CA
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Tony and Suzanne Marri...
Scottsdale, AZ
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Thomas J. Nelson, REAL...
La Jolla, CA
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Nina Hollander, Broker
Charlotte, NC
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Pete Xavier
Pacific Palisades, CA
1,632,538
No such thing as an EMD check in CA anymore. WIRE ONLY. Have not handled an EMD check in 8 years.
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Allie Angeloni
Oro Valley, AZ
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Tony and Suzanne Marri...
Scottsdale, AZ
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Richard Weeks
Dallas, TX
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Thomas J. Nelson, REAL...
La Jolla, CA
5,365,432
I am handed the check by the buyer and deliver it to my brokerage, who deposits it in our escrow acccount.
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Allie Angeloni
Oro Valley, AZ
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Fred Griffin Florida R...
Tallahassee, FL
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John McCormack, CRS
Albuquerque, NM
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Richard Weeks
Dallas, TX
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Jeff Pearl
Lovettsville, VA
5,193,343
It never gets near my hands. Once we have a signed contract and open escrow buyers wire funds within 3 business days. Our brokerage does not even keep a trust account
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Allie Angeloni
Oro Valley, AZ
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Thomas J. Nelson, REAL...
La Jolla, CA
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Nina Hollander, Broker
Charlotte, NC
2,715,298
A bounced check! Wow. That deal was dead from the get-go.
I usually hand deliver deposit checks to the Title company. Sometimes I have the Buyer meet me there; I can introduce them to the Title Closer. Since I am a one-man office, it also helps the Buyer "know where to go" should something happen to me.
Regarding the balance of funds needed to close - most Tallahassee Title companies and lawyers insist on that money being wired.
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Allie Angeloni
Oro Valley, AZ
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Fred Griffin Florida R...
Tallahassee, FL
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Nina Hollander, Broker
Charlotte, NC
3,074,716
wire transfer
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Tony and Suzanne Marri...
Scottsdale, AZ
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Thomas J. Nelson, REAL...
La Jolla, CA
2,231,519
I collected if working with the buyer and turn it into my office for deposit.
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Nina Hollander, Broker
Charlotte, NC
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Anthony Acosta - ALLAT...
Atlanta, GA
1,713,581
988,419
Direct wire by the buyer to escrow saves some potential problems. Not physically handling the EMD as an agent/broker is best policy IMO.
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Candice A. Donofrio
Fort Mohave, AZ
2,864,211
If you touch it, then trust handling rules must be invoked. I dont touch it!
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
2,448,381
I take it to the title company myself usually
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Nina Hollander, Broker
Charlotte, NC
3,627,477
All EM checks are made out directly to the title company. We do not take any checks even at the closing table.
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Nina Hollander, Broker
Charlotte, NC
634,582
Rarely; usually we have wire transfers for EM.
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Thomas J. Nelson, REAL...
La Jolla, CA
2,538,789
Good morning Peter. That is what you call dead on arrival. Most of the checks come into the closing that are help by the office of the listing agent.
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Nina Hollander, Broker
Charlotte, NC
4,273,331
794,389
Our new default is to have fund wired to escrow within 3 days of acceptance. No more touching funds and that's perfect.
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
424,833
In Southern California 98% of the time Buyer wires funds into title company via the escrow company's instructions.
1,267,193
I request a check to come with signatures together & pof. The 3 must be in in order for me to submit an offer. Incomplete will not be processed.
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
4,322,295
Peter Mohylsky - that was my question.
In our area, usually, the first EMD check is a regular check - and is delivered to the listing office. We are attorney state.
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Nina Hollander, Broker
Charlotte, NC
403,207
I don't handle earnest money deposit checks.
Most of the time, the buyer will wire funds rto escrow. Occasionally, the buyer will bring a check to escrow.
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Thomas J. Nelson, REAL...
La Jolla, CA
637,534
In California, I often get a personal check from the buyer made out to the escrow company (NEVER to me) and I will open escrow on their behalf once the offer is accepted. If the offer is not accepted, I get the check back to the buyer. For that reason, I like for the buyer to get the funds to the escrow company directly within 3 days after the offer has been accepted. Also, sometimes we need to make offers on several properties and this is cleaner.
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Thomas J. Nelson, REAL...
La Jolla, CA
3,764,441
I handle it, taking it to the title company when the offer is ratified.
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Nina Hollander, Broker
Charlotte, NC
231,279
always always.... go directly via wire..best way..or a cashiers check (maybe)
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Candice A. Donofrio
Fort Mohave, AZ
6,744,231
2,548,696
ND has made it clear that handing the check over to the title company does not absolve you of your responsibility. They consider it as still in your position.
166,985
In CA, contract was changed to have check automatically go to escrow via a wire. I love it as I haven't handled a client's check in years. ~Marisa
6,041,550
1,683,918
We handle it. Make a copy of it and send it to the Listing agent, who will put it in their EM account.
488,311
1,525,616
I take the EMD and hand it in to my broker as soon as I have a fully executed contract.
2,234,865
3,986,479
I handle all checks so I can make a copy for any kind of future reference or lost ones
824,029
3,441,615
4,434,277
152,917
I am required to turn it in to my broker, so either I deliver it, or my client hand delivers it to the office.
1,544,614
I NEVER touch the money. It gets wired straight to escrow. No liability for me that way.
3,386,608
I give it to our office admin to deposit. If I were a sole broker/owner I would have them make it out to the title company.
291,019
It depends on the situation, according to Roger. He says that sometimes it is wired in, other times it is taken down to the closing agency by him or the client. He personally does not like to handle the check Peter Mohylsky.
5,258,521
1,466,257
Peter Mohylsky When I had my own company, I deposited the funds in my escrow account.
4,775,142
8,211,288
1,756,842
5,585,039
each agent here takes the EMD check when purchase and sales is signed...and that check is given to the office administrator who takes care of the depositing process.... we make copies of everything....
we HAVE on occasion received a check that was not covered!! a transfer was not made in time.... we always ask if the funds are behind the check before we deposit, but ????
1,677,946
927,185
In my area, it is usually the selling brokerage that holds it until contract time, at which time normally the sellers' attorney would deposit it in his escrow account until closing. Unfortunately, often agents run around with those checks until the offer is accepted; some have been known to be lost in the process.
5,160,366
5,535,923
Wired funds are the way to go these days! I use a title company to hold escrow funds!
3,417,356
935,708
I handle it, and either turn it in to the office or the title company depending on which one check is made out to. I would not rely on a buyer to deliver it.
1,157,847
1,655,212
Wire to the Escrow direcly only. I haven't had EMD check in my hands for years.
830,939
685,002
In Wisconsin we either deliver the EM Check directly to the Listing Agency's Trust Account Dept or we have the Buyer mail it (but have them copy and send a copy to me prior to mailing) and then when the Listing Agency receives it they send us a receipt that then goes to the buyer's lender. Seems everyone does it a little differently. The best way is whatever works. I've not had to deal with a bounced check.
2,707,826
The Earnest money check must be deposited at the title company and is handled by the buyers agent or their client.