There is a 10 business day hold on deposits?

Yes, if the deposit is in any form other than certified funds (which clear in 1 business day), the check will need 10 business days (excluding holidays) to clear our account.

What does that mean? 

If you have the initial deposit for an executed transaction, you should immediately enter the transaction into SkySlope. This enables the accounting department to deposit the check and associate it with the correct transaction. The ten business day hold period begins upon the day of deposit, and you can view that date by looking at the comment area next to your escrow check section of the checklist in SkySlope. 

What are certified funds? 

This can be a bank check, a certified check, money order or wire (no cash please!). Note that if the buyer’s bank charges a hefty fee for a bank check, money orders tend to be less expensive and are available at post offices and many shopping centers. If you would like the buyer to wire Bean Group escrow funds, please visit i.beangroup, click on the forms and documents area and select the BG Wire Form for the correct state. Please complete and return this form to accounting@beangroup.com to notify us a wire is being sent, and to advise us on where to apply the funds. There is no charge for us to receive incoming wires; the buyer’s bank may charge a fee to send funds. 

Remember that in every state there is applicable law requiring prompt deposit upon receipt of funds. We have had too many issues with agents waiting to send in a deposit until after inspections or other reasons. Once you have an executed contract, you should immediately mail in the deposit (with some form of tracking). You can also visit the following offices, where we have deposit capability, to drop off the funds:

• Portsmouth

• Portland

• Peterborough

• Bedford

If there is a second deposit due after inspections or any other contingency, it is almost impossible to take anything but certified funds due to the 10 business day hold limitation. The second deposit can also be amended if both parties agree (e.g., the buyer brings the second deposit to closing as additional closing costs).  Please note, if a personal check is deposited and bounces, or the buyer cancels the check after we have deposited it, there is a $35 fee charged by our bank that will be passed along to you. Requesting certified funds protects you from any surprises or bank fees.

Regardless of whether representing buyer or seller, both agents in a transaction share responsibility for timely delivery of the deposit to the escrow agent named on the contract as soon as the contract has been executed.

If you have any questions, please feel free to contact accounting@beangroup.com.