4.12 Escrow Deposit Policy

• All Escrow or Earnest Money Deposit (EMD) must be submitted to the Company within 3 days of contract ratification unless otherwise agreed upon in writing by the parties to the contract.
• The Company recommends that EMDs are held by the escrow Agent or deposited using our electronic methods.
• After business hours, each office shall have a specified location in which Agents are to submit Escrow Deposits.
• No loose checks: Agents are to print off the Transaction Checklist or first page of the Contract and STAPLE the deposit to paperwork.
• Typically Escrow deposits are processed within 24 hours.  
• Under no circumstances will a check be held once it has been submitted to the office.
• In the event an EMD is not deposited within the time period of the jurisdiction and contract, the Company is required to report the infraction to the other parties and to the state licensing board.  
• PRE/POST SETTLEMENT security deposits should be held by the settlement Company.

In West Virginia, the escrow deposit is to be delivered by the Agent immediately or by the next business day to the Broker, and the Broker must deposit immediately. (The days to be received from the Seller to the Buyer is negotiable in the contract, but once received the above is the legal requirement.) 

In Pennsylvania, we do NOT hold escrow deposits. All escrow must be held by the other Broker or a Title Company.