01-Feb-2008

TREC Rule 1260-2-.09

When must earnest money or other such funds be deposited into an escrow account? TREC Rule 1260-2-.09(8) provides that earnest money must be deposited "promptly upon acceptance of the offer, unless the offer contains
a statement such as 'Earnest money to be deposited by:'". According to the
TREC, deposits should be made within 72 hours (3 business days) after an offer or counter-offer becomes a contract. If deposits are delayed for any reason, you should note this in the file.

May post-dated earnest money checks be accepted? Yes. TREC Rule
1260-2-.09(7) allows the acceptance of post-dated checks for payment of a deposit or earnest money. However, the offer must indicate that the check is post-dated.