Question about earnest money, agents and brokers please shim in. (house, buyer)

[JohnE1000]

Sorry for the duplicate post. I posted this thread in the SC general forum, and I didn't get any responses. I thought the Columiba forum might be more active.


I have my house listed by an agent. My agent had a client who is interested in my house. My agent asked me to sign a duel agent agreement, and I didn't mind, just to keep the boat going.

I signed the offer 3 days ago. My agent called today to tell me that he has not received the earnest money yet, and asked my to sign an addendum which states the earnest money to be paid tomorrow.

Now, I want to know whether the law requires the agent to collect the earnest money at the time the contract was written or not, and whether Should I sign the addendum or not.

I remember when I bought my house I paid the earnest money at the time I wrote the contract. Also, in NC the earnest money must be paid at the time the contract is written.

Is my agent trying to pull one on me?!

[sfill]

Hi,
Try this - contact the SC realtors association legal contact # listed at the bottom of this website. They can probably tell you if what you are asking is correct...


South Carolina Association of REALTORS® (http://www.screaltors.com/contact.html - broken link)

[Brandon Hoffman]

I can't comment directly on your situation because I'm a Realtor and it could be considered an ethics violation but I can give you the generals.

To be a contract there must be earnest money. By state law earnest money must be deposited within 48 hours of a ratified contract (all signatures in place). Earnest money should be written at time of offer and held by agent until ratified at which point it's deposited in an escrow account. I think the buyer can be considered in default if it's been 3 days already, so technically you don't have a contract. If the buyer produces earnest money it would still be in your best interest to proceed I would think. Call your agent and ask why they didn't get it at time of offer. Best of luck-Brandon

[jroman1952]

Can an agent list a house for one price and when someone wants to purchase the house at that price, can the bank request a higher price for the house?