§ 35.324. Deadline for depositing money into escrow account.
(a) Except as provided in subsection (b), a broker shall deposit money belonging to another into an escrow account by the end of the next business day following its receipt in the real estate office where the escrow records are maintained.
(b) If the money of another has been tendered to the broker in the form of a check under an offer to purchase or lease real estate, the broker may, with the written permission of both the buyer and the seller or the lessee and the lessor, refrain from depositing the money into an escrow account by the deadline in subsection (a) pending the seller’s or lessor’s acceptance of the offer. The broker shall deposit the check into an escrow account within 1 business day of the seller’s or lessor’s acceptance of the offer.
Authority The provisions of this § 35.324 issued under the Real Estate Licensing and Registration Act (63 P. S. § § 455.101—455.902).
Source The provisions of this § 35.324 adopted February 24, 1989, effective February 25, 1989, 19 Pa.B. 781.
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