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Get a cashier's check not a personal check

By
Education & Training with Realty Mark Associates AB066878

It would be soooo nice if Real Estate deals could be consummated with a hand shake and a kiss. A gentlemen's agreement to act honorably and do everything as promised.

That's soooo not happening in the real estate world.

Real Estate Agents may not be lawyers, but we have an obligation to pass on these bits of wisdom to our clients.

One rule that should be explained in depth is that, "if the sale closing or rental move-in is happening within 30 days, a cashier's check or bank check is given." That means NOT a personal check.

Clients get skwormish on both sides of this one. The check writers are taken back that their financial intentions are questioned. The check receivers don't want to appear paranoid, especially at the beginning of a year rental.

After being in this business for 12 years and witnessing what a bounced check can do to aggravate a deal, the parties in the deal, and the brokerage support staff, there is NO better solution than a cashier's check. As the saying goes, there's no better offense than a good defense. (Just ask Malcolm Butler of the New England Patriots who made the best defensive move in Sunday's Super Bowl!)

Following this rule prevents a buyer taking possession of your house but you still have to chase them down for a final check. It prevents a tenant after moving in and having the landlord chase them for the first and last month's rent.

These are both bad situations to be in.

Real Estate Rules and Regulations are well thought out by Real Estate Lawyers and Brokers who have seen "the bad" situations and have come up with an equitable solution for all. This one is simple, within 30 days of the settlement, a cashier's check is best.

 

 

 

Comments (6)

Troy Erickson AZ Realtor (602) 295-6807
HomeSmart - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Suzanne - I would certainly recommend a cashier's check over a personal check on everything I could.

Feb 03, 2015 03:31 AM
Sheila Moran
RE/MAX Access (Garden Ridge, San Antonio, New Braunfels) - New Braunfels, TX
SanAntonioSheila.com, RE/MAX Access, 210-32

Suzanne, 

 

Ahhh, I like this post!  One of those pesky little quirks in real estate that some people look over!

Awesome!

 

Feb 03, 2015 03:33 AM
Suzanne Strickler
Realty Mark Associates - Havertown, PA
School is never out for the Successful.

Troy ~ It makes good business sense.

Sheila ~ Thanks. I have sent back personal checks to other agents because they plain forgot! I'm sure you have too.

Feb 04, 2015 01:29 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Great advice Suzaane.  Though even cashier's checks can have issues.  Currently, we're requiring funds to be wired in advance.

Feb 08, 2015 08:16 PM
Gloria Todor
Premier Property Sales & Rentals - Springfield, PA
& Doug Durren (484) 431-3686 in SE PA

Suzanne, Yes cashier's checks work well. We have been lucky to not encoutner any issues that Gabe Sanders referred to and I hope we never do! 

Feb 10, 2015 03:57 AM
Suzanne Strickler
Realty Mark Associates - Havertown, PA
School is never out for the Successful.

Gabe ~ Maybe that's the next step for us in PA. Good to know.

Gloria ~ I hope you never do too!

Feb 10, 2015 04:27 AM