24 Del. Admin. Code § 2900-6.0

Current through Register Vol. 28, No. 3, September 1, 2024

Section 2900-6.0 - Escrow Accounts [24 Del.C. Section 2923]

6.1 When the real estate transaction is a rental agreement of one hundred twenty (120) days or less, the Broker may, in accordance with written authorization from the Broker's principal, transfer from the escrow account a management fee and an amount specified up to a stated dollar amount for authorized repairs or cleaning expenses. Any amounts transferred in accordance with this subsection shall be reconciled and reflected in a written full accounting.

6.2 Unless agreed to in writing by the parties, a Licensee shall not accept, as a good faith or earnest money deposit in connection with a real estate transaction, a photocopy, facsimile, or other copy of a personal check or draft, nor shall a Licensee accept as a good faith or earnest money deposit a check or draft that is postdated.

6.3 A Broker shall maintain in the Broker's office, or have available electronically in the Broker's office, a complete record of all moneys received or escrowed on real estate transactions, including the sources of the money, the date of receipt, depository, and date of deposit; and when a transaction has been completed, the final disposition of the moneys. The records shall clearly show the amount of the Broker's personal funds in escrow at all times. Such records shall be retained for at least 3 years.

6.4 An Escrow Account shall be opened and maintained by the Broker in a bank with an office located in Delaware in order to receive and maintain a valid license.

6.5 The brokerage name on the escrow account shall match the brokerage name on the license, including terms such as "d/b/a".

6.6 Interest accruing on money held in escrow belongs to the owner or owners of the funds unless otherwise stated in the agreement of sale or lease.

24 Del. Admin. Code § 2900-6.0

15 DE Reg. 1185 (02/01/12)
24 DE Reg. 493 (11/1/2020) (Final)