Delivery of Earnest Money

By
Real Estate Agent 0488515

On February 12th 2018 The Texas Real Estate Commission approved several changes to our state promulgated contracts.

Perhaps the biggest change has to do with delivery of the earnest money.  The older version of our contract did not have a specific time to deliver the earnest money to the title company.  The new version does. 

Now a buyer has three days after the effective date to deliver the earnest money to the title company.  If the last day to deliver falls on a Saturday, Sunday or legal holiday the time for delivery is extended until the end of the next day that is not a Saturday, Sunday or legal holiday. 

If the earnest money is not delivered as outlined above the seller can now terminate the contract by giving notice to the buyer.  If notice is not given and the buyer delivers the earnest money after the last day the seller can no longer terminate for non-delivery.  After day three the seller must terminate before the buyer gets that earnest money to title.

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Rainmaker
287,607
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

Hi Richard.  I cannot imagine a contract in which a timeline for earnest money delivery to escrow was not included.  It is good that Texas has implemented this. The seller needs that assurance that the earnest money is at escrow to protect his/her options in the transaction.

Jun 07, 2018 11:38 AM #1
Rainmaker
2,459,663
Richard Weeks
Dallas, TX
REALTOR®, Broker

Thanks Lynnea

Jun 07, 2018 12:01 PM #2
Rainmaker
3,593,143
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I see this coming our way.  Right now we send the check with the Purchase agreement.  No check, good chance you will lose ina mulitple offer situation

Jun 07, 2018 03:53 PM #3
Rainmaker
2,459,663
Richard Weeks
Dallas, TX
REALTOR®, Broker

William interesting on how you guys deliver with the offer.  Thanks for sharing.

Jun 08, 2018 04:17 AM #4
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Rainmaker
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Richard Weeks

REALTOR®, Broker
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