Is a deposit to be held in escrow until the lease is signed or can it be cashed immediately?

(0) | asked by: Lori Peterson | share | 22 months ago | Report
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answer by Jacqueline Yekmalian    |   Contact Me
Hi Lori, Not know the whole story but from this information I would have to say the funds cannot be disbursed until contract has been signed, final walk-thru and acceptance has been made and keys exchanged. If there is a association then also approval from them.
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20 months ago  |   Report   |   share
answer by Lexsine Mitchell    |   Contact Me
Hi Lori, the deposit is held in escrow according to the terms of the agreement. Funds being placed in escrow whether cash/money order/check etc is typically cashed and left there until a demand is made against it. The demand can come from either party.
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20 months ago  |   Report   |   share
answer by Tom Priester    |   Visit My Website   |   Contact Me
Lori, With documents the manner any deposits will be handled in detail in both the Contract to Lease. We typically do not collect funds to be held in escrow until the actual lease is executed and then we do not want it disbursed until the lease commences. The key is to ensure funds are secure and cleared prior to tenant moving in. Each broker will write contracts in a way that they deem best fort their clients. The escrow agent must "cash" the check to insure funds have cleared. Hope the makes sense and we wish you the very best of luck.......
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22 months ago  |   Report   |   share
answer by Jacqueline Yekmalian    |   Contact Me
Hi Lori, Your question lacks all the information to answer. If you are saying you have given a deposit to a Real Estate Office for a property then Yes, they will deposit (cash) the funds so they can disburse at a later time. The whole reason to put a initial deposit is to show good faith that you want to hold the property until things like fully executed lease, application to association etc.... are completed. I hope that helps.
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22 months ago  |   Report   |   share
The deposit must be held in a non interest bearing account until the lease is fully executed by both parties.
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22 months ago  |   Report   |   share
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