Question

The McColls have made an offer on a new home. The home is new construction and scheduled to be completed by the end of the year. They provide a purchase deposit--a check in the amount of $40,000--to their agent, Suzette. Suzette, at the broker's direction, deposits the earnest money in the broker's trust fund account within two business days of receipt of the funds. Did Suzette follow the proper procedures?

Answer 1

The answer is: Yes, Suzette followed the proper procedures.

Step-by-step explanation:

Unless there existed specific written instructions ordering to hold the check until the acceptance of the offer made by the McColls, Suzette did the correct thing. Generally speaking, Suzette has three business days to deposit the check and there should be no problem with cashing the check.