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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 111492
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I have a that we put on MLS with the direction that they can

Customer Question

I have a PUd that we put on MLS with the direction that they can reserve a lot the homes are not up yetwe are taking 1% of sale price to hold lot this is just a reservation for that
lot what do I do with escrow check
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 10 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
You must have a separate account called an "escrow account" at the bank and you should theoretically have a third party as an escrow agent, but that is not mandatory as long as you keep the funds separate from your operating funds in the escrow account. So you need to set up an account at the bank that is separate from your other accounts for the escrow.

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