November 19, 2015

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The Ol' Deposit Receipt

November 19, 2015

Before 2010 the C.A.R. purchase agreement was known as the "deposit receipt".  Typically the broker accepted a deposit from the potential buyer to present their offer.  Keep in mind that any earnest money received from a prospective buyer must be deposited into the broker's trust fund account. 

 

 

 

 

Today the provision for the initial deposit on the C.A.R. Purchase Agreement is defaulted to buyer making direct deposit by electronic funds transfer unless checked otherwise.  This eliminates the hassle of logging in and depositing every check for every multiple offer you have to submit for your buyer.  Ironically many listing agents continue to ask for a copy of a deposit check as an instruction for selling agents to submit offers.

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