Deposit Cheque and the Real Estate Trust Account

When Must the Deposit Cheque be Deposited in the Bank? | Ontario Real  Estate Source

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

www.OntarioRealEstateSource.com

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