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Buying or Selling a Home/Business trust deposit time?
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Question
Commercial bank received doposit for private business trust 2/26/2010. The deposit creates an ESCROW ACCT. How long should the bank have to validate acct. and make funds available via certified mail?
Thank you.
This does not seem to be a real estate question, Robert, but if this refers to an ongoing transaction in which the buyer's deposit needs to be verified in the course of a purchase transaction, then you should ask the banks involved what is their policy. I have no way of knowing what is customary for individual banks in verifying receipt of funds for a purchase. Each bank has their own policy. I do wish you well.
Dick Dennis
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Dick Dennis
Expertise
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
Experience
Solving real estate problems for 37 years.
Organizations
National Association of Realtors
Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers
Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate
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