When is a buyer's broker required to make a written request for verification of a deposit?

A buyer's broker is required to make a written request for verification of a deposit within 10 business days after receiving the deposit. This timing is crucial to ensure that all parties involved in the transaction have clarity and transparency regarding the financial aspects of the sale. The 10-day window allows the broker to track the deposit efficiently and verify it with the escrow company or financial institution involved.

This requirement is in place to help protect the interests of both the buyer and the seller by ensuring that there is a prompt verification process for funds held in escrow, thereby reducing the potential for disputes or misunderstandings later in the transaction. By adhering to this timeframe, the broker demonstrates professionalism and facilitates a smoother process for completing the real estate transaction.