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?

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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

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 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.


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