Legal Question in Real Estate Law in California

how long can an agent hold an ernest money deposit before depositing it.


Asked on 9/06/09, 1:19 am

1 Answer from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Title 10 Cal. Admin. Code, section 2832, requires deposit into escrow, or delivery to the party then entitled to the funds, within three business days, but there are a few exceptions that probably don't apply to routine transactions. See also Business and Professions Code section 10145 which, without specifying three days, is the underlying law for agent and broker handling of client funds.

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Answered on 9/06/09, 3:44 pm


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