Posted by Kristine-CA on January 11, 2004 at 12:46:33:
Troy T: here in CA escrows are typically handled by escrow/title companies, not lawyers.
Earnest deposits won’t be cashed until you are actually in escrow, and can be as little as your buyer will accept. I usually offer $100 or $500.
I doubt an escrow company will let you have a revolving $1K, as they are required to deposit funds into each escrow as it’s opened. But it never hurts to ask. Sincerely, Kristine
$1000 on escrow with attorney - Posted by Troy T
Posted by Troy T on January 11, 2004 at 10:41:54:
Steve Cook mentioned in a chatroom transcript here on CREonline that he keeps his earnest deposit in a revolving escrow account with his attorney.
Is it possible to have this deposit on esrow with someone other than an attorney?
Troy T (Vacaville CA)
Re: $1000 on escrow with attorney - Posted by Brent_IL
Posted by Brent_IL on January 12, 2004 at 23:56:19:
A friendly real estate broker might assist if you were running deals through the agency and the broker thought that you would be able to really close.
I like “due upon removal of all contingencies.” My contingent final walk-through inspection is an hour or two before settlement.
Re: $1000 on escrow with attorney - Posted by eric-fl
Posted by eric-fl on January 11, 2004 at 21:41:24:
I wouldn’t sweat this issue too much. Just write into the contract that your deposits are “due on acceptance”, and then the logistics shouldn’t be too much of an issue; you’ll only be making deposits on deals you have chance of closing, as it should be.