Maria, a buyer, makes an offer on a home in Bellevue and provides a $10,000 earnest money check to the listing broker. The offer is accepted on Monday. According to Washington DOL rules, by what day must the listing firm deposit the earnest money into its trust account?
Correct Answer
C) Thursday, three banking days after acceptance
Under WAC 308-124D, earnest money must be deposited into the firm's trust account within three banking days of receipt. The offer was accepted on Monday, so the three banking days are Tuesday, Wednesday, and Thursday — making Thursday the deadline. Note that 'receipt' in this context is the date the broker receives the funds, which aligns with the acceptance date in this scenario.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
An appraisal contingency allows the buyer to cancel or renegotiate the contract if the property's appraised value comes in lower than the agreed-upon purchase price. This contingency protects buyers from overpaying.
An assignment of contract transfers one party's rights and obligations under a contract to a third party called the assignee. The original party, known as the assignor, transfers their contractual position to someone who was not originally part of the agreement.
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