When you give someone a good faith deposit in the form of a personal check, are they allowed to cash it?
Is this a FSBO or a realtor listing?
The check should go to escrow.
Keith
A check is nothing more than a piece of paper that authorizes the transfer of funds. It has no cash value until cashed. If they want a deposit, they will cash it and yes they are allowed to.
How much is typically offered as good faith money in order to tie up a contract? I’ve seen some of these characters who write books say that you can put $10 down but that seems unrealistic for most situations. What does everyone usually find they have to put down to secure a contract?
The standard here on smaller properties is $250…
Keith