In North Carolina, trust money must be deposited within:
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24 hours
A 24-hour requirement is far too short and does not reflect North Carolina law; no state uses a 24-hour standard for trust money deposits because it fails to account for weekends, holidays, and the practical realities of banking hours.
3 banking days of contract acceptance
5 business days
Five business days is the standard used in some other states, such as Georgia, but it is not the North Carolina rule; confusing state-specific timeframes is one of the most common errors on multi-state or state-specific exams.
10 days
Ten days is far too long a period and would leave trust funds unprotected and vulnerable to misuse; no reputable state real estate commission allows such an extended window for depositing earnest money.
Why is this correct?
Under 21 NCAC 58A .0116, North Carolina law specifically mandates that trust money — including earnest money deposits — must be deposited into a trust or escrow account within three banking days of contract acceptance. The use of 'banking days' is deliberate, ensuring the clock only runs on days when financial institutions are open and transactions can actually be processed. This is the NCREC's codified standard, and any deviation can result in license suspension or disciplinary action.
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