Confirming Buyer's Deposit in Escrow Account

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Real Estate Broker/Owner with got agent? MD 636504

One of the many things that I need to remind myself to do as a listing agent is to confirm with the title company (or selling broker's office) that the buyer's deposit is indeed in the escrow account.  I work in the DC Metro area and each jurisdiction has its own time limit for that deposit to be in the escrow account.  Maryland law requires that the buyer's deposit be in there no later than 7 business days after contract acceptance, Virginia is 5 banking business days and DC is 7 calendar or 5 business days following contract acceptance.

 

Currently, I contact the title company or the selling broker's office, via email,  to confirm that the deposit is in the account because the last thing that I want is my seller finding out that there is no deposit in the account AFTER the buyer has breached the contract.  I can't even imagine how irate the seller would be at that point and I couldn't blame them.

So, I'm just wondering- do you think it would be too much to ask to have the title companies and selling brokers' offices automatically contact the listing agent with an email to confirm that they received the deposit so that we don't have to chase it down?  Obviously, we should still have a reminder to look for the confirmation of deposit before the deadline ends, but wouldn't it be nice if the title companies and selling brokers would automatically do this for us?

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Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Jamie Flournoy This is very good helpful report on conforming buyer's deposit in escrow account.

Aug 17, 2016 10:01 AM #1
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Rainer
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Jamie Flournoy

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