Good Morning!! It needs to be deposited within 48 hours of offer acceptance. Until that time you don't have a valid contract. But check with your Broker, they might have their own rules regarding this issue.
Karen Paytas, GRI, CMS
Real Living Kee Realty
1. Within 2 banking days of receipt
2. Within 2 banking days of BOTTOM-LINE ACCEPTANCE
3. Whenever is agreed upon in the purchase agreement by all parties.
If you receive a check from a client, you are not supposed to, "hang onto it," regardless of what the contract reads.
Now, my partners and I do things differently. We'll open escrow with a title company (while we're negotiating), deposit some funds (whether or not that deal is under contract), and we'll have the title company to send proof of those funds when it's necessary.
You don't deposit EM until a contract has been signed. If there is no contract, then there is no binding reason to deposit the earnest money. Once the contract has been signed and executed, then it is 48 hours to get it to the title company.
Hope this helps,
It's more than real estate. It's RAYL-Estate!
Brian Rayl, REALTORÂ®, e-PRO, SFR
Keller Williams Elite Dallas Park Cities