Is there a time frame for California real estate broker to return deposit check to the buyer?

Question

if buyer's offer is rejected, the buyer backs out and buyer asks for his/her deposit check back?

Do you have a exact link that has a definition or do you have exact source? Because this real estate broker is trying to pospone giving back my deposit check for whatever reason eventhough I keep calling her(she keeps saying she's busy). It's been 3 days since I backed out over the phone & asked to have my check back in person. I told her I can meet her anywhere any time.

Answer 1

Well, it depends on the purchase agreement that was submitted. But go to their office and demand it back or just put a stop payment on it ...kr

Good Luck!

Answer 2

This has been recurring more than a few times, unfortunately your check might have been deposited. In california the process usually works like this; first you submit an offer to the property you are interested in buying together with a "copy "of the check or form of payment. second your offer get accepted, rejected, or countered. If the offer gets accepted then you will need to deposit the check or form of payment to the title company, in some cases your agent will take the check and deposited in a trust account and then in turn give to escrow. If the offer is rejected, you are entitled to get your money back right away, check with the broker and not the agent. In california you can check with the Department of Real Estate, or the local Association. Check with the broker first, but if your offer got rejected there is no reason that a check had to be cashed.

Answer 3

There are two common methods that CA Brokers use to handle the good faith deposit check.
1) they deposit it in to their Trust Fund Account (they have to maintain a separate trust account and can not co-mingle funds with the company's own money) btw this is also the area that Brokers get in trouble with if done wrong. I previous answer said that they may wait to make sure the check clears and then write you a check, and this is correct and good practice.

2) they accept the check, and hold it uncashed until acceptance if this is the case there should be no reason that they can not give you the check back. also typically with this method you would have wrote the check to the title company, the first method you would have made out to the real estate company.

If the agent will not return your calls I would suggest you contact his Broker. You can look up license status and brokers name here: http://www2.dre.ca.gov/PublicASP/pplinfo.asp

Answer 4

The time frame will vary if the check was deposited, and it probably was. The brokerage, after the check is deposited, will not issue your deposit refund until they are assured that your check clears the bank properly. Yes, they WILL call your bank to insure that there were sufficient funds and that the check cleared.

If the check was not deposited, there is no reason that she cannot return it immediately.