Question:
How many days do you have to make a deposit into the real estate trust account from the acceptance date?
Answer:
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