Earnest Money: Expecting Earnest Money from a Client

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. 

Earnest Money Issues

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.   

MX1 Wiring Instructions

·         ABA # 061000104

·         SunTrust Main Address:

                        SunTrust Bank

                        25 Park Place

                       Atlanta, GA 30303

·         Maximum One Address:

                       Maximum One Realty Greater Atlanta

                       5041 Dallas Highway,  Bldg #700

                       Powder Springs, GA 30127

·         MX1 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 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

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  

Desk Rental

Rent a Desk at Maximum One:    Studies show that independent contractors are more productive when they actually get up in the morning and get ready and go to another location for work. We want to help your productivity by offering periodic specials on the prices of the desk rentals at all of the offices! Please contact us for more information!\

Complete the attached form & give it to your Branch Manager

Agent Name: ____________________________________        Date: ________________

Branch Location: _________________________________        Rental Amount:  $_______  

Office/Desk Description: _______________________________

Special Considerations: ________________________________

All parties agree this is a month-to-month lease paid in advance and will be included on agent monthly invoice.  Either party may terminate the agreement in writing with a full 30 day notice.  Terms and desk locations subject to availability and change without notice.  Agent is responsible for office equipment & telephone services.  Internet and utilities are included in desk rental.  Upon vacating, agent will leave desk area and office as agent received it including and not limited to touch up paint, bulletin boards, book shelves, trash cans, window coverings.  Any other wall hangings of any nature, must be approved by Branch Manager.

Commission Advance

Commission Advance

• Maximum One Companies do NOT honor nor accept commission advances on agent commissions.

Client Signatures on Contracts

Client Signatures on Contracts: Make sure to compare the client signatures on all the documents you receive from your clients. If there are any discrepancies, GET THEM RESOLVED IMMEDIATELY!!!!!! Additionally, DO NOT SIGN CONTRACTS ON BEHALF OF YOUR CLIENTS!!!! Forgery is a crime and you will lose your license as well. We had an issue this week where a clients' signatures on a T&R were very obviously different from the Sellers' signatures on the contract. The question was WHO signed the T&R ... did the agent sign it because the Sellers were inaccessible or did one spouse sign for the other?

Documentation of Your Correspondence: Make sure to document your correspondence with your clients and with your co-op agents. Many times these emails & fax confirmations are the ONLY proof we have to resolve a potentially volatile situation. In the above signature issue, the agent was able to provide email & fax proof that she sent and received the T&R to the Sellers and received the different signatures back relieving her of any potential forgery charges that the other brokerage wanted to raise with GREC.