Chicago

[Lisa24]

I understand that these are the rules:Make the deposit payable to a reputable third party such as a well known real estate brokerage, legal firm, escrow company or title company,verify that the third party will deposit the funds into a separately maintained trust account and lastly obtain a receipt,but how do you as a buyer research if a broker is really a broker and to be safe could your attorney hold your check and you give them a copy(seller)? 

[Greg-Whelan]

Hi Lisa24,

In  Illinois, you can find all reputable brokerages on Illinois Department of Financial & Professional Regulation. In my experience, most licensed brokers with whom you will deal are operating in an ethical manner when it comes to your earnest money. For good reason, the license to practice could be at stake.

However, if you prefer, in most transaction we can designate that either buyer's or seller's attorney hold the earnest money. Again, they would also be operating in an ethical manner, because license would also be at stake.

This is not to say there no bad apples out there when it comes to earnest money, but I have yet to personally encounter one during my tenure in this business.

[MarkusAIC]

If you are dealing with a legitimate broker this shouldn't be an issue. Does the realtor/broker have a real office, been around for a while, is known in real estate, have real business cards, etc. If it is a real deal noboby wants to screw around with someone's escrow money. All parties want the deal to close so they can bet legitimately paid.

Did you get this realtor/broker off a sign posted on a highway exit ramp fence, do his business cards look like they came off his home inkjet printer, does he never want to meet you at his 'office'? Then I would be concerned.

Along with what Greg stated, its always possible that there could be a problem. In a legitimate deal those tend to be rare.

[Luna346]

Well that when a certified check come into play  yo to you are supposed to tsend only the copy the copy does not hold any private information like bank account . You shouldnt trust no one but ur self you dont  know whom yor dealing with the can be scam artist good luck