Where does the money go? I am talking about escrow money. Some REALTORS carry checks around for days…the reason being the contract hasn’t been signed, initialed etc. If you receive a check, you must, within 24 hours, give the check to your Broker and he/she has 3 business days to deposit. The easiest way to get around that statute is to check in the contract that the deposit will be made in 3 days after the effective date.
- What about rent money? Same thing.
- Money cannot be removed from escrow unless all parties to the contract agree.
- If escrow is held by an attorney, or title company, the rule here is that the agent must make sure the money is held according to the terms of the contract.
- Not your terms, not your Broker’s terms but the contract rules in this matter.
- You must be very sure that you know the contents of the contract.
So my fellow REALTORS…forms change, contracts change, stay abreast of the changes to stay out of trouble.
Until Next Monday…