Mama Liz's Blog: Handling Other People's Money

Handling Other People's Money

 

Handling other People's Money

money  Licensed real estate agents in SC are responsible for the earnest or trust monies collected from their clients/customers.  Mishandling of these trust funds can cause a real estate agent to lose their license (worse case scenario).

Yet this is the major area in which real estate agents are disciplined in SC.  The rules are simple:
  • Any earnest/trust monies for a sale in the form of a check must be deposited within 48 hours of ratification of the contract of sale (weekends excluded)
  • Any earnest/trust monies for a sale in the form of a money order, cash or cashier's check must be deposited within 48 hours of receipt (weekends excluded) regardless of whether the contract is ratified or not
  • Any earnest/trust monies for a rental must be deposited within 48 hours of receipt regardless of the form of the monies

You would think this would be simple enough.  But so many real estate agents "forget" that the check is in the file or they just don't even turn in a ratified contract until it closes.

 

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The AgentOwned Realty serves your real estate needs for:

Charleston, Johns Island, James Island, Mt. Pleasant, Isle of Palms,
Sullivan's Island, Daniel Island, North Charleston, Summerville,
Goose Creek, Moncks Corner, Santee, Manning, Sumter & Florence.
 all in South Carolina
5 comments • Liz Loadholt Realtor--Broker-in-charge - Trainer--Relocation Director Covering SC • February 21 2009 02:52PM

Comments

I know sometimes we get busy but we must remember the things we need to do in order to be successful and keep active as Agents.

Posted by Pat Champion (Coldwell Banker Camelot Realty) almost 3 years ago

Pat -- thanks for your comment --- I appreciate your stopping by.

Mama Liz's Signature

 

Posted by Liz Loadholt- AgentOwned Realty- Covering SC almost 3 years ago

Hey, Liz. It is always great to have little refreshers every now and then. Thanks, Jim

Posted by Jim & Maria Hart ~ Charleston, SC Real Estate (Brand Name Real Estate) almost 3 years ago

I actually have a question?

 

CAN the real estate company which this agent in working for be LIABLE if the agent mishandles the client's funds

ie: takes it for him self steals it??

Posted by Fernando Jara 8 months ago

Actually, in SC yes

Posted by Liz Loadholt- AgentOwned Realty- Covering SC 8 months ago

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