An Ohio broker receives a earnest money check from a buyer, but before the broker can deposit it, the buyer verbally tells the agent to hold the check until the home inspection is complete. Under Ohio law, the broker should:
Correct Answer
A) Deposit the check within 2 banking days as required by law, regardless of the buyer's verbal request
Ohio law requires brokers to deposit earnest money into the trust account within 2 banking days of receipt. A verbal request to hold the check does not override this legal requirement. If the parties want to delay the deposit, this must be addressed in the written purchase agreement with specific provisions.
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