How soon must earnest money be deposited after receipt?

The correct time frame for depositing earnest money after receipt is within three banking days. This requirement is important to ensure that the funds are secured and to demonstrate the buyer's intention to follow through with the transaction. Keeping the money in a trust account promptly is essential for maintaining transparency and protecting both the buyer’s and seller’s interests in the real estate process.

In many jurisdictions, including North Carolina, the timeline for depositing earnest money serves to promote trust and accountability in real estate transactions. If earnest money is not deposited in the specified time, it may lead to complications or concerns about the buyer's commitment, which can impact the transaction negatively.