How long does a broker have to deposit earnest money into a trust or escrow account after collection?

In South Carolina, a broker is required to deposit earnest money into a trust or escrow account within three business days after the collection of that money. This regulation is in place to ensure that buyers' funds are handled responsibly and securely, maintaining trust in real estate transactions. Timely deposit of earnest money is crucial for protecting the financial interests of all parties involved in the transaction, as it confirms the buyer's commitment while also ensuring proper recordkeeping.

Knowing the three-business-day timeframe also allows brokers to manage their operations effectively and comply with legal standards, reducing the risk of disputes over the handling of funds. It's essential for brokers to be aware of this specific timeframe to ensure compliance with real estate laws and enhance their professional practice.