In Ohio, a broker must deposit earnest money within:
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24 hours
A 24-hour requirement is not mandated by Ohio law and would be impractically strict, especially for contracts accepted late on a Friday before a weekend when banks may be closed.
2 business days of acceptance
5 business days
Five business days is far too long under Ohio law and would leave earnest money unprotected and outside fiduciary oversight for an unnecessarily extended period, creating risk for both buyers and sellers.
As specified in the contract
While parties may negotiate many contract terms, Ohio law sets a mandatory minimum standard for earnest money deposits that cannot be overridden by contract language; the 2-business-day rule is a regulatory floor, not a default.
Why is this correct?
Ohio Administrative Code 1301:5-6-10 explicitly requires that a broker deposit earnest money into a separate, interest-bearing trust account within 2 business days of the contract being accepted by all parties. The use of 'business days' rather than calendar days is intentional, protecting brokers from violations caused by bank closures on weekends or holidays. This is the controlling state-specific rule that supersedes any general industry custom.
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