In my next few postings, I’ll cover the key changes in the new REPC form that is now available for use, and will also be the required document to use on January 1, 2009 and thereafter.
Starting from the top ....
Earnest Money Receipt section.
The change in the earnest money section puts more time definition into delivery of the deposit. The receipt and handling of earnest money comprises two parts: When the buyer must deliver his or her earnest money deposit to the broker, and also states when the broker must have the earnest money deposited into the brokerage’s trust account.
Current REPC
New REPC
This change in the Earnest Money Deposit section mainly defines a four-day period that is set in motion for handling the earnest money.
My next posting will cover: Section 1.1 and 1.2 Include Items
from My Porch…
Mike B. Class Star®
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