Legal Q&A | What happens if the DDF check is lost after it’s delivered to the listing agent?
QUESTION: An agent in my office represents a buyer who just went under contract using the Offer to Purchase and Contract (Form 2-T). In accordance with the contract, my agent hand-delivered a certified check for the $5,000.00 Due Diligence Fee to the listing agent shortly after receiving notice that the seller had signed the buyer’s offer. A week later, the listing agent called my agent to say that although he had mailed the check that same day to the seller by first-class mail, the seller had not received the check. The listing agent demanded that the buyer deliver a replacement check right away or else the seller would terminate the contract. The buyer’s bank says that since it was a certified check, she’ll have to pay the bank a fee and then wait 30-90 days before the funds can be released back to her. She doesn’t think it is right for her to have to take another $5,000.00 out of her account for a second check and then have to wait for up to three months before the first $5,000.00 is restored to her account! What do you think?
Don’t waste your time stressing over forms, disclosure or landlord/tenant law. NC REALTORS® have free, unlimited access to the NC REALTORS® Legal Hotline. Call 336.294.1415 or email firstname.lastname@example.org to get quick resolution, so you can return to your clients and your business.
Risk Management in Today’s Market | TODAY at 1PM
Hear the latest on Risk Management in the current North Carolina Market. Fred Moreno, Chief Deputy Legal Counsel with the North Carolina Real Estate Commission, will provide insight on BIC supervision of PBs and brokers in general, firm policies for training/education of brokers, using non-brokers to manage trust accounts, and property flips. Tune in TODAY at 1PM. Join the Mobile Mondays Facebook Group to tune in live or catch the replay.
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