When must an earnest money deposit be deposited?

An earnest money deposit must be deposited within three banking days following the acceptance of an offer. This timeframe is in place to ensure that earnest money is handled promptly and responsibly, reflecting the buyer's serious intent to proceed with the purchase. Timely deposit of the earnest money helps protect both the buyer and seller by demonstrating good faith in the transaction.

Options reflecting the other timeframes do not align with the regulatory requirements for earnest money handling in North Carolina. For instance, requiring the deposit to be made on the day of the transaction is impractical, as it does not account for processing time or logistical considerations involved after an offer is accepted. The choice of a week or longer is also not compliant with the established standard, reflecting an understanding that quick action is necessary to maintain the integrity of the transaction process. Therefore, the requirement for deposit within three banking days is designed to maintain a smooth and professional real estate process.