Are the new Oklahoma Residential contracts contradicting the Real Estate code

By
Home Inspector with National Mortgage Field Services

According to

SUBCHAPTER 13. TRUST ACCOUNT PROCEDURES

605:10-13-1. Duty to account; broker

Under paragraph (c)  Interest bearing account.

"(A broker shall not be prohibited from placing escrow monies in an interest bearing account; however, he or she must disclose in writing to all parties that the account bears interest and identify the party receiving the interest. The Commission does not prohibit the broker from receiving the earned interest. In the event the interest is credited to the broker, the broker should, upon final consummation of the transaction, immediately disburse the interest from the account or insure that the amount does not exceed a reasonable amount to cover normal financial institution charges. The broker is required to maintain complete and accurate records of the interest earned. The interest bearing account must be a demand type account; this prohibits the use of certificate of deposit or other types of time deposits as trust/escrow accounts.)"

So how can the new residential contract demand that the interest be paid to "Oklahoma Housing Foundation? The statement only appears in the Residential contract.

 

 

Comments (1)

1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Haven't done any research on this... but will.

Featured in "EVERYTHING OKLAHOMA"

 

Nov 05, 2009 03:01 PM

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