Do I include the initial deposit with my real estate offer or do I wait for the offer to be accepted to deposit in escrow?

UPDATED: Oct 1, 2022

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Do I include the initial deposit with my real estate offer or do I wait for the offer to be accepted to deposit in escrow?

I am a new real estate agent and the contract says the buyer will give a 500.00
initial deposit. I need to know if the check should acompany the offer or be sent
to the title company to be deposited in escrow after acceptance of the offer. My
broker does not have a escrow account so I will use the listing agents escrow
account. This deal is in Florida.

Asked on April 27, 2018 under Real Estate Law, Florida


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

Until there is a deal, there is no need for a deposit or escrow (and no basis for one); until the offer is accepted, there is no deal or contract. Therefore, you wait until the offer is accepted to deposit, but the cover letter to the offer which you provide can certainly state that your client has the funds ready and available to deposit as soon as the offer is accepted.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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