Earnest Money Deposit
There is a new requirement in the Commonwealth of Virginia for brokers regarding EMD. If an Earnest Money Check is not deposited within 5 days of ratification then the broker MUST report the agent’s violation to the Commonwealth. If the broker does not report this to all parties and the state then the broker can lose have his broker’s license revoked. Please tell your clients that Nesbitt Realty has a 2-day policy for EMD’s. Earnest Money MUST be received within two-days of ratification. That means the day after ratification the check must be sent overnight or delivered by hand to be received in a timely manner.