How many days do you have to make a deposit into the real estate trust account from the acceptance date?
Assuming that the deposit is due upon acceptance, then the Buyer’s Agent has 23 hours and 59 minutes to deliver it to the Listing Agent/ Listing Brokerage.
Once it is received by the Listing Agent or the Brokerage directly, then the Listing Brokerage has 5 business days to place it into their Trust account.
The count of days starts upon receipt which is Day 0, Day 1 is the next day.
The expression “business day” is a defined term under the Real Estate and Business Brokers Act, 2002, meaning any day other than a Saturday.
Brian Madigan LL.B., Broker