Earnest Money

Question:  How long does a Buyer have to deliver Earnest Money after execution of an agreement? 

Answer:  In the REPC it states that the Buyer agrees to deliver Earnest Money no later than four (4) calendar days after Acceptance.  This can be done by delivering a Check made out to the Brokerage, or wiring funds to the Brokerage or Title Co. Agent should fill out the Earnest Money Receipt form or collect a receipt from the Title Co.  If EM goes to Title, that information should be on the REPC.  (Check with your individual office as to policy).  The Agent should fill out the office Earnest Money receipt and make a copy of check and/or wire receipt to put in the Opportunity. Turn in Earnest Money with completed receipt to staff member, or MCA's office.  If after hours insert the Earnest Money and receipt into cash box at front desk, or where Individual office policy states.  

DO NOT FORGET TO MAKE A COPY OF EARNEST MONEY CHECK AND RECEIPT FOR YOUR FILE.

Use form #38 Confirmation of Receipt of Earnest Money

or if Title Co. Use the Deposit of Earnest Money with Title Insurance Company Addendum to REPC

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