1,057,664
In the magickal land of AZ, earnest money is typically wired into escrow directly from the buyer within a business day or two of full contact execution--a provision of the contract.
RARELY do we collect and deliver a check ourselves anymore. The title companies don't prefer it anyway. If we have to, we do.
Commercial leases? Deposit is submitted via cashier's check, attached to an ink-signed fully executed lease and overnighted to the landlord.
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Debe Maxwell, CRS
Charlotte, NC
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Peter Testa
Danbury, CT
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Michael Jacobs
Pasadena, CA
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John Juarez
Fremont, CA
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Joseph Domino 480-390-...
Scottsdale, AZ
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Lyn Sims
Schaumburg, IL
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Lyn Sims
Schaumburg, IL
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Candice A. Donofrio
Fort Mohave, AZ
4,584,596
It is spelled out/defined in our California purchase agreement-- it's been quite some time since I have "handled" a buyer's earnest money deposit.
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Joan Cox
Denver, CO
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John Juarez
Fremont, CA
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Abby Stiller
Cape Coral, FL
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Kathleen Daniels, Prob...
San Jose, CA
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Steve Higgins
Kelowna, BC
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Lyn Sims
Schaumburg, IL
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Lyn Sims
Schaumburg, IL
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Peter Testa
Danbury, CT
2,222,281
Chashier's Check
Money Order
Personal Check
Wire Transfer
EMD will be collected according to the instructions on the Executed Purchase and Sale Agreement.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Candice A. Donofrio
Fort Mohave, AZ
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Lyn Sims
Schaumburg, IL
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Michael Jacobs
Pasadena, CA
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Anthony Acosta - ALLAT...
Atlanta, GA
5,246,557
Wire transfer to the escrow agent! Checks are a thing of the past!
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Fred Griffin Florida R...
Tallahassee, FL
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Lyn Sims
Schaumburg, IL
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Candice A. Donofrio
Fort Mohave, AZ
3,350,764
We have not used check in my market for years! A Check is an option in our purchase contract however the standard is that the deposit is wired to title within one business day after acceptance.
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Debe Maxwell, CRS
Charlotte, NC
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Peter Testa
Danbury, CT
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Michael Jacobs
Pasadena, CA
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John Juarez
Fremont, CA
3,071,589
It's defined in the contract
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Debe Maxwell, CRS
Charlotte, NC
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Abby Stiller
Cape Coral, FL
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Candice A. Donofrio
Fort Mohave, AZ
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Michael Jacobs
Pasadena, CA
760,035
Here the listing side takes the earnest money deposit when the listing side is a foreclosure. On straight sales we get a COPY of the deposit check & the money is usually held in escrow at the Buyer's Agent's Brokerage or by the Buyer's Attorney & is forwarded to the Seller's Attorney prior to closing.
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Debe Maxwell, CRS
Charlotte, NC
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Steve Higgins
Kelowna, BC
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Lyn Sims
Schaumburg, IL
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Michael Jacobs
Pasadena, CA
1,555,095
Wired Funds Only
Due in 3 business days from acceptance.
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Debe Maxwell, CRS
Charlotte, NC
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Candice A. Donofrio
Fort Mohave, AZ
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Michael Jacobs
Pasadena, CA
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Thomas J. Nelson, REAL...
La Jolla, CA
5,117,178
We don't argue here about who holds the earnest money. We put it into the offer to purchase who will hold it and I've never had anyone challenge that aspect of the offer. We do have small firms which do not have escrow accounts so typically they want my firm to hold the money or they hand it over to the settlement attorney to hold. Again... makes no difference to me.
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Michael Jacobs
Pasadena, CA
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Steve Higgins
Kelowna, BC
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Richard Weeks
Dallas, TX
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Anthony Acosta - ALLAT...
Atlanta, GA
5,063,430
It’s spelled out in our contract. Normally funds (almost always wired) are due at escrow within 3 business days after acceptance.Our brokerage does not handle funds.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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John Juarez
Fremont, CA
2,684,769
I have the buyer wire the money, or take a check to, the Title Closing Office. The Title Closer holds it. If the deal falls through, the Title Closer gets signatures from both parties before releasing it.
Florida Brokers are allowed to have an escrow account, but it is subject to random audit, strict rules, etc. not worth the hassle.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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John Juarez
Fremont, CA
808,779
The deposit has to be into the brokerage 48 hours after all subjects are removed, it is held in trust until closing.
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Debe Maxwell, CRS
Charlotte, NC
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Peter Testa
Danbury, CT
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Michael Jacobs
Pasadena, CA
5,583,328
that check should be in hand before a fully executed agreement is dispersed... then the check must be deposited immediately...
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Steve Bracero
Shrewsbury, MA
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
1,847,891
Technically here it's done after acceptance. BA brings to LA's which always seems to be a hassle. Some agents do bring it with an offer but that is hardly done now because of Docusign & stuff.
Wire transfers are too costly for $2 to $3K here. It's the old checks or cashiers check.
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Debe Maxwell, CRS
Charlotte, NC
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Peter Testa
Danbury, CT
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Michael Jacobs
Pasadena, CA
634,125
The EMD on the Maryland contract is held by who is specified in the contract. It could be the Buyer's or Listing agent's Broker escrow account or the Title company who preforms the closing
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
5,258,966
Just like your market, Praful - With Contract ratification, the EMD is delivered to either the BA's brokerage (or the LA's brokerage if the BA's brokerage doesn't have a Trust account) or to the Closing attorney's office.
We do have the ability to allow 5 days for delivery of the EMD, per the Contract. With so many out of state buyers, I have that set in my ZipForms template. When we have a signed Cotract, they can drop the EMD & DD checks in the mail (overnight). That gives them plenty of time to get it in and not breach the Contract.
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Steve Higgins
Kelowna, BC
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Peter Testa
Danbury, CT
1,326,624
We prefer that EMD be deposited by buyer directly to escrow within the time stipulated in the agreement. We do not take possession of the EMD. We could, but would rather it go directly to escrow.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
788,931
The buyer has 3 business days to bring the ED check to the title company (closer) or wire it directly to them.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
766,969
Our contract calls for the deposit to be wired to escrow within three days of acceptance. This is the default but it can be adjusted in the RPA.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
2,459,743
No. Here all funds are provided to the attorney by the buyer. The buyer's agent has nothing to do with it.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
716,789
1. EM has to be a certain minimal amount.
2. Must be deposited at escrow in any which way withing 48 hours, preferably 24.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
1,507,073
Wired into escrow w/in 3 days. They prefer not to have checks or cashier's checks or money orders because those still need to clear. Wires are instant.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
2,073,610
BA or LA can bring check to listing office ... or if same agency, can be deposited through buyer's office admin. EM must be deposited by close of next business day.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
2,195,824
R U talking about a Default ?
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
431,132
Whatever the contract says. We have the option to putting it into either account. It used to be the LO would receive the check, while 80 down the road the cooperating office would keep it. Now the attorneys here are advising to keep your clients' money so your office has the fund. It is all personal preference now.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
5,773,367
Praful,
It goes to escrow
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
1,712,030
Wire transfer to the title company within 3 days of acceptance.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
544,014
Bring to closing or subtract it from the commission check.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
2,246,395
It is done both ways, sometimes we have it as seller agent, others the buyer agent does. But 85% of our real estate sales are list it, sell it and no other trust account for it to land but our own. Small rural markets are like that.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
7,871,821
The deposit goes to the escrow account of the broker.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
4,907,547
Here the buyer or buyers agent deliver to the title company.
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Abby Stiller
Cape Coral, FL
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Michael Jacobs
Pasadena, CA
6,426,149
Generally the listing broker holds it in their trust account, and the state gets ALL of the interest.
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Debe Maxwell, CRS
Charlotte, NC
3,168,284
there really isn't a "norm" in my market anymore and more and more firms are not having a trust account and having the closing attorney hold it. But my office policy is we hold it for our buyers in our firm trust account.
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Debe Maxwell, CRS
Charlotte, NC
1,749,275
Depending on the language you used on the contract, buyer may have a few days to get the funds to escrow, by way of a check or wire... in Hawaii.
I wrote a post about this topic, and judging from the varied responses here, you would be wise to write a post about the process in your area.
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Debe Maxwell, CRS
Charlotte, NC
191,939
Yes that's the proper protocol here too. However, many agents try to bring it to the title company.
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Debe Maxwell, CRS
Charlotte, NC
1,435,300
Cashier Check
Personal Check
Wire Transfer
Money Order
Depending on what the circumstances dictates which one for us as a builder.
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Debe Maxwell, CRS
Charlotte, NC
87,920
Buyers usually wire money directly to the Escrow of a seller choice after the accepted offer. Usually it is 3% of the purchase price.
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Debe Maxwell, CRS
Charlotte, NC
717,185
No. Escrow receives the earnest money directly from the buyer within the time period negotiated in the purchase agreement. Almost all brokerages have eliminated client trust accounts and deal just with escrow for the handling of earnest money.
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John Juarez
Fremont, CA
2,785,606
That is the beginning of the birth of a deal...No money no honey...
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Michael Jacobs
Pasadena, CA
4,800,132
In Florida, the agent has to give the check to the escrow holder within 1 business day of receipt.
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Michael Jacobs
Pasadena, CA
4,434,177
1,712,876
274,109
The listing Brokerage holds it in their sales escrow account unless otherwise greed upon by all parties involved.
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Nina Hollander, Broker
Charlotte, NC
5,879,816
In Colorado, generally the EM is held by a title company, and either the buyer's agent or buyer has to have it delivered within 3 days of an accepted offer.
259,367
In Florida , less and less brokers have an escrow account , so it is usually wired to title within 3 days after acceptance
3,986,308
I believe we have 3 days to deposit...usiness days.
Mine goes in right away unless other arrangements are made and ok'd with my client