Tuesday, October 25, 2011

Earnest Money Reminders

The state of Washington  has laws governing earnest money deposits.  If earnest money is in the form of a peronal check, it requires 10 business days before being considered available funds.  If the transaction close date is 10 days or less from deposit, then funds must be in the form of a wire or a cashier's check drawn by a Washington financial institution.  An out-of-state cashier's check requires 10 business days before being cosidered available funds.  Buyers, make sure your Realtor gives you a receipt of your earnest money deposit.