C.quinones, Home Buyer in Frederick, MD

I didn't think so, so I asked my Realtor and she told me that her real- state cashed it. She asked if that was okay with me.

Asked by C.quinones, Frederick, MD Mon Sep 17, 2012

I told her it was fine. I was under the impression that maybe things were getting closer. Why would my Realtor's office cash the earnest check?

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2
My NC Homes…, Agent, Chapel Hill, NC
Tue Sep 18, 2012
By law earnest money deposit checks must be deposited in to a trust account. Typically the listing company holds the check, but there are many smaller companies that don't set up trust accounts and direct the buyers agency or buyer's closing attorney to hold the earnest money. Without depositing it how would they know it was good?
1 vote
Richard Iaro…, Agent, Gambrills, MD
Tue Sep 18, 2012
If you submitted an offer to purchase a home in Maryland, the earnest money deposit has to be deposited by the Broker when the contract is ratified. In the case of a short sale, the offer is ratified when you, and the owner sign it, not when the bank gives approval.
1 vote
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