Posted by SCook85 on February 01, 2002 at 10:31:32:
I’m glad that you enjoyed the course.
As far as putting the $1000 into escrow when dealing with realtors it will always go into escrow, it is just a matter of whose escrow account. I would put in my offers that my attorney would hold it. Very rarely did this get questioned. However there are banks today that require their listing agent hold the deposit. This is pretty difficult to get around. I just purchased a property where the sellers wanted $10,000. I wrote it to the selling agent and they said that they wanted to hold it themselves. I didn’t challenge the issue, but I probably could have and gotten away with it. I just wrote the check the listing broker.
When I talked about the simultaneous close in my course. I mentioned step 1, and step 2 just to separate them. They actually take place at the same time. Neither transaction can happen without the other, so the attorney performs them both simultaneously to make sure that all the parties are on board.
I hope this helps,