Question Details

Phil, Home Buyer in Miami, FL

What is the procedure for presenting earnest money to a realtor?

Asked by Phil, Miami, FL Thu Mar 10, 2011

what is the best form of payment? Cashiers check?
It should be made out to the broker? or the escrow company?

Help the community by answering this question:

Answers

5
Unless otherwise stipulated a personal check will be sufficient; and the check should be payable to the company your agent advises will be holding the escrow deposit.
Web Reference: http://www.321property.com
1 vote Thank Flag Link Fri Mar 11, 2011
Congratulations, Philip and good luck with the transaction.

I practice in Wisconsin and a personal check is an acceptable form of earnest money here, made out in the name of the trust account that will hold the earnest money until the time of closing when it will be applied toward your downpayment.

Your Realtor should be able to guide you. Here in WI, making a check out to "ABC Realty Trust" and delivering it to listing real estate company's office as agreed upon in the offer to purchase contract is sufficient.

Make sure you ask whomever it is left with to give you a receipt and copy of earnest money check as proof of delivery for your records.

Enjoy the journey! Hope all goes well & closes as planned.

Lori Koschnick, ABR,.GRI, e-PRO
1 vote Thank Flag Link Thu Mar 10, 2011
Here in PA the escrows are held by the listing office and that is who the check is written out too. A personal check is fine provided you are not within 30 days of settlement at which time certified funds are required.

Good Luck!
0 votes Thank Flag Link Fri Mar 11, 2011
Earnest money is usually in the form of a check which can be a personal check, cashier’s check, or money order. It is given with the offer to purchase and it deposited in a broker’s trust fund or escrow account with a law office or title company. If the offer is accepted, the money will be applied to the down payment or other costs when the closing takes place. If your purchase offer is not accepted, the check will be returned to you.
0 votes Thank Flag Link Fri Mar 11, 2011
Two good answers, Jeannie Feenick chiming in from New Jersey. Here escrow funds are generally held by the selling broker or the buyer's attorney. Sometimes the seller wants their attorney to hold the escrow funds, and if agreed to in attorney review, then that works as well. Personal checks are generally fine, except when deposit monies are coming in very close to the closing date in which case a bank check may be requested.

Your best bet is to talk with your agent about options.

Good luck to you on your transaction!
Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Fri Mar 11, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer