4,800,132
In Florida it's either held by a broker with an escrow account or the title company/attorney that will be handling the closing.
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Jennifer Mackay
Panama City, FL
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Richard Weeks
Dallas, TX
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Lyn Sims
Schaumburg, IL
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Curtis Evans
Golden Meadow, LA
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Frank Rubi
Metairie, LA
1,466,257
Kim Loizzi It is customary here to put the EMD in the listing broker's escrow account.
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Richard Weeks
Dallas, TX
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Lyn Sims
Schaumburg, IL
-
Curtis Evans
Golden Meadow, LA
6,423,496
Listing brokers trust account.
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Lyn Sims
Schaumburg, IL
-
Curtis Evans
Golden Meadow, LA
5,115,878
At the end of the day, it shouldn't matter... the money will be held in a fiduciary account. In my market, typically, it's one of the brokerage firms involved who holds the money in their fiduciary account and only rarely does it go to the attorney.
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Richard Weeks
Dallas, TX
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Margaret Rome Baltimor...
Pikesville, MD
5,062,995
It seems to vary quite a bit and depends on the contract. I don't take any money at all. EMD from buyer is wired to escrow within 3 business days after acceptance - it's in the contract
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Michael Jacobs
Pasadena, CA
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Lise Howe
Washington, DC
1,458,019
Unless otherwise stipulated in the offer, cheques are made payable to the Listing Brokerage and held in trust.
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Curtis Evans
Golden Meadow, LA
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Susan Emo
Kingston, ON
766,669
We are fortunate here in California. Our new contract defaults to wiring funds directly to escrow within 3 days of acceptance. No more check or held funds for us anymore.
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Kim Loizzi
Sparta, NJ
5,032,985
In Texas made out to the title company ..check with your broker..differs in every state.
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Michael Jacobs
Pasadena, CA
1,847,621
Here in IL it's the sellers broker/listing office. In my state NOBODY on the buyers side has control of the EM.
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Richard Weeks
Dallas, TX
1,231,853
In Erie County PA deposit check is made out to listing company to be deposited in escrow account until settlement.
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Richard Weeks
Dallas, TX
971,183
Generally, the listing broker. I also recommend Certify funds.
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Curtis Evans
Golden Meadow, LA
3,988,013
We hold it in our office trust account or the closing attorney but have had deals where the listing agents said it had to go to the seller's closing attorney.
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Richard Weeks
Dallas, TX
1,625,153
I think, different states are different. I do not take EMD checks at all, buyers wire EMD directly to an escrow after the offer is accepted ( SoCal).
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Michael Jacobs
Pasadena, CA
46,974
Wow - all interesting answers. Our standard contract gives the option but the buyers attorney will usually transfer the monies after attorney review if the seller's attorney insists he holds it. The deal closes in the buyer's attorney's office. All monies are wired into the buyer's attorney's escrow account too. The only reason the seller's attorney would want it is for a breach, but then all parties still have to sign off on it before its released. If the deal dies than having it in the buyer's attorney's account makes it easier to return monies after the kill letter is signed.
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Lyn Sims
Schaumburg, IL
5,772,693
Kim,
Here, it is made out to the sellers Broker, and held in trust. A
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Richard Weeks
Dallas, TX
473,844
Good morning Kim,
The good faith deposit can be placed on either or. As long as it is deposited in a timely manner per the contract.
5,879,125
In Denver we have buyers make the check payable USUALLY to a title company.
3,743,474
321,564
3,168,134
the holder is named in our contract. Typically it's the selling agent's firm. with foreclosures it can be required otherwise.
3,350,439
We do not use attorneys in my area/State - San Jose, California. We make checks out to the Title Company or funds are wired to the title company.
5,583,328
we have it made payable to the listing office who holds the deposit in our area...if the seller's atty wants it, we sign it over....I would just as soon have the seller's atty hold it.... NEVER THE BUYER'S ATTY....
4,583,790
In California, it is spelled out in the purchase agreement. That said, it's rare for me to "handle" a check anymore as more deposits are electronically transferred to the escrow company(Southern California) within three business days of acceptance.
Each state and jurisdiction is different as you will see by the variety of answers.
1,728,667
Whoever pays title decides who the closer will be. Is the seller paying title? Nevertheless, the buyer can have the funds held by their attorney and submitted at closing. You are clearly still negotiating terms.
232,019
2,785,306
991,652
5,257,589
As long as it is in a Trust account and both parties agree, that is all that matters.
5,244,251
The attorney who will be handling the closing usually gets the deposit. Most often it is a title company!
3,416,038
Here in NH, escrow deposits are held by the listing broker. We do have some bank clients selling REO that use their lawyers to hold the EMD. I would not allow my seller to let a buyers lawyer hold the deposit as the deposit is what is securing the sale.
1,617,916
902,388
Usually seller's or buyer's attorney for the actual deposit, the good faith deposit is normally made out to the selling broker's escrow account, then funds transerred to one of the attorneys as the deal progresses.
4,905,762
Based on our contract it is made payable to who is spelled out in the contract.
853,612
In our area it's usually made out to the listing brokerage. In foreclosure situations, we've had it made it out to one of the attorneys.
56,684
3,071,489
4,434,177
Depends on the contract. All my contracts have so far made it out to listing office.
7,869,902
3,627,272
4,319,773
648,275
Payable to Title Company closing the escrow here, used to deposit in Brokerage escrow account.
2,224,473
1,242,204
Always to a title escrow company. What happens the lawyer or broker disappears?
3,864,516
Now almost always the buyer's real estate escrow. I remember when it was always the listing broker. The contract has a blank to fill in who holds the EMD.
4,966,091
2,684,769
Made out to the Title Company or Title Attorney. A very few Florida Brokers have their own Escrow Accounts.
2,189,772
I always had a had EMD's made out to the escrow agency, an unbiased third party.
2,378,934
I make it out to the title company which is doing the settlement but in the mid Atlantic the title attorney represents the transaction rather than either of the parties
3,986,308
Always to the lesting Broker. Otherwise the seller has no leverage if the buyer gets goofy
716,891
We deal with neutral 3rd party - escrow. Check is made to the title company. I have heard of the requirement to make a check paid to the Listing Broker's client trust account. I assume with the attorney it would also be a client trust account. I much prefer our system.
1,157,791
Deposits are usually made to the listing brokerage in my jurisdiction but it can be made to other parties depending upon the particulars of the contract.