Did you know?
In most cases, for TAR to support any REALTOR® in a dispute or claim, it is recommended that you use forms that contain the TAR Logo and Disclaimer
EMTAR
2588 North Mt. Juliet Road
Mt. Juliet, TN 37122
615. 758.9851
615. 773.1738
Equal
Housing Opportunity
Use the Legal Hotline to Help You with the LAW
The Tennessee Association of REALTORS® is very pleased to provide this exciting member service to its members benefiting the public they serve. The TAR Legal & Ethics Hotline service is designed to answer members' real estate related legal questions and questions concerning the REALTORS® Code of Ethics. It is designed for members to have direct toll-free access to a qualified attorney and intended to provide legal preventative maintenance to all TAR members.
- Hours of Operation: M-F, 9:00am - 5:00pm CST
- Local to Nashville: 244-3344
- Not Local: 800-899-5297
- E-mail: hotline@tarnet.com
- Members HELP DESK (Log In under the "Member Services" navigation link)
TAR encourages members to use "HELP DESK" for communicating with both the Legal & Ethics Hotline Staff and TAR Staff.
Real Estate Legal Tip of the Week Tip #301
Provided by: Smith.Sholar.Associates.PLLC
Legal Duties of Managing Brokers: Escrow Accounts --
Part 2 (TREC Rule 1260-2-.09)
When must earnest money or other such funds be
deposited into an escrow account? TREC Rule 1260-2-.09(8) provides
that earnest money must be deposited "promptly upon acceptance of
the offer, unless the offer contains
a statement such as 'Earnest money to be deposited by:'". According
to the
TREC, deposits should be made within 72 hours (3 business days)
after an offer or counter-offer becomes a contract. If deposits are
delayed for any reason, you should note this in the file.
May post-dated earnest money checks be accepted? Yes. TREC Rule
1260-2-.09(7) allows the acceptance of post-dated checks for payment
of a deposit or earnest money. However, the offer must indicate that
the check is post-dated.
Authored by attorney Molly Cripps, edited by Brian Smith and Todd
Sholar
Have any questions? Call Brian Smith, Todd Sholar, Trudy Milliken, or Molly Cripps at (888-397-7537) toll free or local 452-5282 (Gallatin) or 391-4557 (Nashville). We also have an office in (Goodlettsville) 855-6801 or e-mail us at info@smithsholar.com if you wish to read prior Tips of the Week click here www.smithsholar.com.