Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners)

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Rainmaker
938,105
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

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.

Jun 07, 2018 06:49 AM
Rainmaker
4,243,869
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

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.

Jun 07, 2018 05:42 AM
Rainmaker
2,099,522
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Chashier's Check

Money Order

Personal Check

Wire Transfer

EMD will be collected according to the instructions on the Executed Purchase and Sale Agreement.

Jun 07, 2018 04:55 AM
Rainmaker
4,507,336
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Wire transfer to the escrow agent! Checks are a thing of the past!

Jun 07, 2018 05:15 AM
Ambassador
3,145,179
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

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.

Jun 07, 2018 08:38 AM
Rainmaker
3,070,784
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

It's defined in the contract

Jun 07, 2018 05:27 AM
Rainmaker
704,432
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

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.

Jun 07, 2018 05:12 AM
Rainmaker
1,346,119
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Wired Funds Only

Due in 3 business days from acceptance.

Jun 07, 2018 04:46 AM
Rainmaker
4,430,915
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

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.

Jun 07, 2018 03:53 AM
Ambassador
4,721,167
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

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.

Jun 07, 2018 08:40 AM
Ambassador
2,604,443
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

       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.

Jun 07, 2018 08:24 AM
Rainmaker
733,647
Steve Higgins
RE/MAX Kelowna - Kelowna, BC

The deposit has to be into the brokerage 48 hours after all subjects are removed, it is held in trust until closing.

Jun 07, 2018 07:33 AM
Rainmaker
5,579,046
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

that check should be in hand before a fully executed agreement is dispersed... then the check must be deposited immediately...

Jun 07, 2018 07:05 AM
Rainmaker
1,759,139
Lyn Sims
Schaumburg, IL
Real Estate Agent Retired

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.

Jun 07, 2018 06:58 AM
Rainmaker
523,338
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

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

Jun 07, 2018 03:08 AM
Ambassador
4,509,199
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

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.

Jun 07, 2018 09:47 PM
Rainmaker
1,000,043
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

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.

Jun 07, 2018 01:46 PM
Rainmaker
705,930
Abby Stiller
REMAX Realty Group - Cape Coral, FL
Professional Bilingual Realtor (239) 284-8637

The buyer has 3 business days to bring the ED check to the title company (closer) or wire it directly to them.

Jun 07, 2018 12:53 PM
Rainmaker
687,523
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

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.

Jun 07, 2018 11:22 AM
Ambassador
2,047,349
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker/REALTOR® - Kalispell, MT
Helping your Montana dreams take root

No. Here all funds are provided to the attorney by the buyer. The buyer's agent has nothing to do with it.

Jun 07, 2018 11:10 AM
Rainmaker
711,284
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

1. EM has to be a certain minimal amount.

2. Must be deposited at escrow in any which way withing 48 hours, preferably 24.

Jun 07, 2018 10:10 AM
Rainmaker
1,424,650
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

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.

Jun 07, 2018 09:51 AM
Ambassador
1,860,652
Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

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.

Jun 07, 2018 09:46 AM
Rainmaker
2,051,130
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

R U talking about a Default ?

Jun 07, 2018 09:42 AM
Rainer
353,329
J.R. Schloemer, CRS
Kentucky Select Properties - Louisville, KY

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.

Jun 07, 2018 08:28 AM
Rainmaker
5,767,371
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Praful,

It goes to escrow

Jun 07, 2018 07:56 AM
Rainmaker
1,664,749
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Wire transfer to the title company within 3 days of acceptance.

Jun 07, 2018 07:43 AM
Rainmaker
536,307
Dave Halpern
Dave Halpern Real Estate Agent, Inc., Louisville, KY (502) 664-7827 - Louisville, KY
Louisville Short Sale Expert

Bring to closing or subtract it from the commission check. 

Jun 07, 2018 07:08 AM
Rainmaker
2,124,472
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

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.

Jun 07, 2018 05:57 AM
Rainmaker
6,961,853
Roy Kelley
Retired - Gaithersburg, MD

The deposit goes to the escrow account of the broker.

Jun 07, 2018 05:45 AM
Rainmaker
4,298,366
Richard Weeks
Dallas, TX
REALTOR®, Broker

Here the buyer or buyers agent deliver to the title company.

Jun 07, 2018 05:22 AM
Ambassador
5,696,016
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Generally the listing broker holds it in their trust account, and the state gets ALL of the interest.

Jun 07, 2018 09:41 PM
Ambassador
3,070,856
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

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.

Jun 07, 2018 08:45 PM
Rainmaker
1,661,231
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

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.

Jun 07, 2018 05:47 PM
Rainmaker
190,049
Erika Rae Albert, Austin Real Estate Expert
E*Rae Realty - Austin, TX
Exceeding Expectations in Every Transaction

Yes that's the proper protocol here too.  However, many agents try to bring it to the title company.

Jun 07, 2018 01:56 PM
Rainmaker
1,435,050
Yolanda Cordova-Gilbert
Richmond, TX

Cashier Check 

Personal Check 

Wire Transfer

Money Order

 

Depending on what the circumstances dictates which one for us as a builder.

Jun 07, 2018 01:55 PM
Rainer
87,920
Jeff Perlis Prime Properties
Prime Properties - Lake Arrowhead, CA
Experience Your Own Transformation!

Buyers usually wire money directly to the Escrow of a seller choice after the accepted offer. Usually it is 3% of the purchase price.

Jun 07, 2018 01:50 PM
Rainmaker
599,680
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

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.

Jun 07, 2018 10:51 AM
Rainmaker
2,683,552
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

That is the beginning of the birth of a deal...No money no honey...

Jun 07, 2018 06:01 AM
Rainmaker
4,799,651
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

In Florida, the agent has to give the check to the escrow holder within 1 business day of receipt.

Jun 07, 2018 05:46 AM
Rainmaker
4,433,809
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Same here.

Jun 07, 2018 04:23 AM
Rainmaker
1,708,235
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

We are more oriented to a wire transfer,

Jun 07, 2018 03:59 AM
Rainer
274,009
Curtis Evans
Cabin Realty LLC/ USA, Licensed in Louisiana - Golden Meadow, LA

The listing Brokerage holds it in their sales escrow account unless otherwise greed upon by all parties involved.

Jun 07, 2018 01:15 AM
Rainmaker
5,261,301
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, 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.

Jun 10, 2018 11:49 AM
Rainmaker
259,167
Lesley Wilson-VanGoethem
Innovative Realty Solutions Group - Winter Springs, FL
Residential Real Estate Broker Associate

In Florida , less and less brokers have an escrow account , so it is usually wired to title within 3 days after acceptance

 

Jun 08, 2018 05:25 PM
Rainmaker
3,986,000
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

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

Jun 07, 2018 04:06 PM