Maria, a buyer in Ohio, submits an offer with a $2,500 cashier's check as earnest money. The listing agent receives the check. Under Ohio law, does the form of payment affect the deposit timing requirement?
Correct Answer
B) No, all forms of earnest money must be deposited within 2 banking days of receipt under ORC §4735.24
Under ORC §4735.24, the 2-banking-day deposit requirement applies to all forms of earnest money, including personal checks, cashier's checks, and cash. The form of payment does not change the deposit timeline.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
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- → Allen, an Ohio buyer, believes the seller's agent made negligent misrepresentations about the property's condition during the sale. Under Ohio law, who may Allen pursue for damages?
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