How many days prior to the anticipated settlement date can a broker transfer an earnest money deposit to an attorney?

In North Carolina, a broker is permitted to transfer an earnest money deposit to an attorney up to 10 days prior to the anticipated settlement date. This regulation is designed to ensure that the earnest money is handled properly and in a timely manner, minimizing the risk of disputes related to the funds.

Transferring the earnest money to an attorney within this 10-day window ensures that the funds can be used effectively for the closing process, maintaining the integrity of the transaction. The timeframe is also established to provide adequate notice to all parties involved, ensuring transparency and accountability in the handling of earnest money deposits. This practice is important in real estate transactions, as it helps ensure that buyers' interests are protected while funds are managed efficiently leading up to settlement.