Earnest Money Issues
Fines for mishandling of earnest money range from $100 - $250
Earnest Money and pending Contracts must be submitted to Maximum One™ within 72 hours of the Binding Agreement Date unless otherwise specified and agreed-upon by the parties in the contract, so that we may comply with the deposit rule of 5 banking days as noted in GAR Contract forms 3 banking days as noted in the RE Contract Forms and Georgia Law. Note that those are clock hours, not “business hours”.
Our office has envelopes for Earnest Money (described below), and Agents have the ability to use Remote Earnest Money Deposit, or FEDEX to get deposits in within the given timeline.
Never drive around with someone else’s Earnest Money in your mobile office, briefcase, etc. You are liable for the Earnest Money when in your possession.
Earnest Money Envelopes:
Use a white envelope for Earnest Money; it will be DEPOSITED IMMEDIATELY by your Broker. Fill out the front of the pre-printed envelope, insert the check, seal and leave in the office drop box.
Earnest Money over $5,000
Any earnest money to be held by Maximum One that is OVER $5,000 must be in the form of certified funds or must be wired directly to Maximum One's escrow account
Earnest Money Checks Dishonored by Bank
If your client/customer's earnest money check is dishonored by the bank, we will contact you first & then send notice to the Buyer & Seller per the contract on which your agreement is written. There is a $35 fee for the returned check that we will put on your agent account which you may collect from your client/customer. Replacement funds for dishonored earnest money checks MUST be in the form of certified funds or wire transfers to the Maximum One Escrow account. This policy is in effect even if Maximum One is holding earnest money for a co-op agent's client.
Expecting Earnest Money from a Client / Customer / Co-op Customer
If you are expecting earnest money from your client or a co-op client (i.e. the contract says that Maximum One is to hold the earnest money and you do not have it in your possession) it is YOUR RESPONSIBILITY to check on the whereabouts of that earnest money. If Maximum One does not have it as the contract says we should you MUST NOTIFY us so we may contractually fulfill our obligation to notify the parties.
MX1 Greater Atlanta Wiring Instructions
· ABA # 061000104
· SunTrust Main Address:
SunTrust Bank
25 Park Place
Atlanta, GA 30303
· Maximum One Greater Atlanta Address:
Maximum One Realty Greater Atlanta
5041 Dallas Highway, Bldg #700
Powder Springs, GA 30127
· MX1 Greater Atlanta SunTrust Escrow Account Numbers: Make sure you use the proper account number
MXGA (NON-Realtor): 1000054277438
MXGR (Realtor): 1000101878063
· Fees for Wire Transfers: These fees will be charged to your account so be sure & collect them from your client/customer
$15 for domestic
$30 for International
PLUS $5 for written notification from bank which is REQUIRED
Remote Earnest Money Deposits
You may deposit earnest money at any Suntrust Bank. See the specific procedures on “Remote Earnest Money Deposit”
Personal Checks
Maximum One holds personal checks for 10 business days. If you have a closing within 10 days of turning in the earnest money, make sure that earnest money is in certified funds.
Earnest Money Disbursement from a Non-Disputed T&R
Earnest Money Disbursement from a non-disputed T&R: If you have a contract that terminates and there is no dispute over the disbursement of the earnest money, follow the following procedures:
- GAR (1 form) - T&R is on 1 form
- RE Forms (2 forms) - Termination is on "Notification" form & Release" is on "Release of Trust Funds" - you need BOTH these forms to T&R a transaction using the RE Forms.
- The termination of any contract is UNILATERAL; the release of the earnest money is BILATERAL & requires agreement by Buyer and Seller.
- Upload the signed T&R to your transaction in Paperless Pipeline
- After the compliance broker reviews the documents, they will be sent to the accounting department for disbursement
- A check will be cut to the party on the T&R and printed at your branch office
- You are to pick up the earnest money disbursement and deliver it to the appropriate party
- This process takes a MINIMUM of 72 business hours
Earnest Money Disbursement from a Disputed T&R
Earnest Money Disbursement from a disputed T&R: If you have a contract that terminates and you cannot get BOTH parties’ signatures on the Mutual Agreement to Disburse the Earnest Money, follow the following procedures:
- Regardless if the termination is based on a contractual contingency or by default, if you do not get both Buyer & Seller signatures on the “release” then the Earnest Money is officially “in dispute” and the following procedure applies
- GAR (1 form) - T&R is on 1 form
- RE Forms (2 forms) - Termination is on "Notification" form & Release" is on "Release of Trust Funds" - you need BOTH these forms to T&R a transaction using the RE Forms.
- The termination of any contract is UNILATERAL; the release of the earnest money is BILATERAL & requires agreement by Buyer and Seller.
- Upload the signed T&R to your transaction in Paperless Pipeline even if it is not fully executed. Write a note in Paperless Pipeline that this Earnest Money is in dispute
- The compliance broker will send the information to a Broker for review and interpretation
- This Broker may contact you for additional information & supporting documentation, co-op agent & client email addresses, mailing addresses, etc.
- The Broker will then write the required “10 Day” letter per the contract
- Earnest Money will be disbursed pursuant to the Holder’s 10 Day interpretation letter
REMOTE EARNEST MONEY DEPOSIT PROCEDURES (MXGR01- Realtor)
To deposit Earnest Money remotely, one must complete the following items. This protocol must be strictly adhered to as to avoid accounting nightmares and GREC Trust Account compliance issues. Failure to abide by the protocol will result in Remote Deposit Privilege revocation. Here is what Agents need to do remotely:
1. Completely fill in deposit slip(s). A separate Deposit slip must be used for each Earnest Money Deposit. If there are two earnest money checks there should be two deposits with two deposit slips.
2. Endorse the back of the check “Greater Atlanta Realtors LLC”
For Deposit Only
1000101878063
Escrow/Trust”
3. Make copies of the
a. Earnest Money Check
b. Deposit Slip
c. Deposit Receipt.
d. Include: Buyer’s Name, Property Address, Agent’s Name
4. Deposit the Earnest Money into any branch of SunTrust Bank, commonly found in Publix Stores.
5. Upload copies to Paperless Pipeline immediately and email Compliance@MyMaximumOne.com or Fax: 770-919-8865. Must be done same day as Deposit.
6. Upload the Bluesheet, contract, Buyer Brokerage/Customer Acknowledgement & other contract documents to Paperless Pipeline. Contact our Compliance Broker (Compliance@MyMaximumOne.com 770-919-8825 ext 309) if you have any questions.
7. Check Paperless Pipeline & make sure that the Deposit was uploaded.
8. Enjoy the freedom of Virtual Realty: not coming into the office!
I, the undersigned have read and understand the seriousness of accuracy in Remote Earnest Money Deposit Protocol. I understand that if I do not follow the protocol that my privileges may be revoked. I also understand that if there are any fines charged to Maximum One by GREC due to my negligence that I will incur those charges and reimburse Maximum One.
____________________________________________ _____________
MX Associate Signature Date
REMOTE EARNEST MONEY DEPOSIT PROCEDURES: (MXGA01- Non-Realtor)
To deposit Earnest Money remotely, one must complete the following items. This protocol must be strictly adhered to as to avoid accounting nightmares and GREC Trust Account compliance issues. Failure to abide by the protocol will result in Remote Deposit Privilege revocation. Here is what Agents need to do remotely:
1. Completely fill in deposit slip(s). A separate Deposit slip must be used for each Earnest Money Deposit. If there are two earnest money checks there should be two deposits with two deposit slips.
2. Endorse the back of the check “Greater Atlanta LLC”
For Deposit Only
1000054277438
Escrow/Trust”
3. Make copies of the
a. Earnest Money Check
b. Deposit Slip
c. Deposit Receipt.
d. Include: Buyer’s Name, property Address, Agent’s Name
4. Deposit the Earnest Money into any branch of SunTrust Bank, commonly found in Publix Stores.
5. Upload copies to Paperless Pipeline immediately and E-Mail: Compliance@MyMaximumOne.com, or Fax:770-919-8865 . Must be done same day as Deposit.
6. Upload the Bluesheet, contract, Buyer Brokerage/Customer Acknowledgement & other contract documents to Paperless Pipeline. Contact our Compliance Broker (Compliance@MyMaximumOne.com 770-919-8825 ext 309) if you have any questions.
7. Check Paperless Pipeline & make sure that the Deposit was uploaded.
8. Enjoy the freedom of Virtual Realty: not coming into the office!
I, the undersigned have read and understand the seriousness of accuracy in Remote Earnest Money Deposit Protocol. I understand that if I do not follow the protocol that my privileges may be revoked. I also understand that if there are any fines charged to Maximum One by GREC due to my negligence that I will incur those charges and reimburse Maximum One.
____________________________________________ _____________
MX Associate Signature Date
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