When may an earnest money check made out to a broker not be deposited in a trust account?
A. If an offer is rejected before the 48-hour or 2-business-day deadline, the broker need not deposit the earnest money check but may instead photocopy the check for the office records and return it to the person who paid the earnest money. A receipt should be obtained, acknowledging the return of the original check.
Related Questions
- What if the parties to a real estate contract for the conveyance of real estate want someone other than a broker to hold earnest money or other trust funds?
- When may an earnest money check made out to a broker not be deposited in a trust account?
- When must trust funds received by a broker be deposited in a trust account?
