The Initial Deposit

[nickek]

Hey

I`m in the process of making an offer. I had a question about the initial deposit check: to whom should I address it to?

As I don`t have a lawyer (unfortunately things have been moving too fast, however I`m working on it), so I was planning on addressing it to my realtor`s trust account, as stated in Don Campbell`s book. However, my Realtor said this cannot be done, and that I am better off addressing it to the seller`s realtor`s trust account.

Am I the one who misinterpreted the information, or is it possible to put the deposit into the realtor`s trust?

PS If anyone can suggest a good lawyer, let me know.

Thanks

Nick

 

[JimWhitelaw]

Hi Nick, whenever I`ve purchased using a realtor, I`ve used their trust account. When purchasing without a realtor, I use my lawyer`s.

 

[nickek]

Thanks for the input. Much appreciated.

 

[markl]

Typically if your purchasing a property listed with a realtor you put the deposit in the listing agents brokers trust account. Most brokerages have a schedule B at least in Ontario detailing how interest is paid on the deposit and where it is held.

Regards,

 

[Thomas Beyer]

QUOTE (JimWhitelaw @ Mar 2 2010, 08:26 AM) Hi Nick, whenever I`ve purchased using a realtor, I`ve used their trust account. When purchasing without a realtor, I use my lawyer`s.
that is what we do as well !

If you have no listing realtor, use your realtor`s brokerage or your lawyer.

If you have no lawyer .. don`t write offers as you are not ready !

 

[tahani]

To add one more thing is Realtors dont have trust accounts.

The Brokerage does. Therefore make sure you write the check in the Listing Brokerage Name and your deposit is held in the Brokerage Trust Account.

 

[ejplimley]

I`ve been using a lawyer named Gisele Bruce, SBB Lawyers 403.252.3200 they are in Glenmore Landing. I got her name from another successful REIN member. She understands the system and can answer all of your questions, a great team member. Good luck on your deal!!!