What are the rules, tips, warnings about using electronic transfer payment services (Apple Pay, Venmo, Chase Pay, etc) to pay the Option Fee money to a Seller?
Depending on the service, sometimes it can take 1, 2, or more business days for the funds to show up in the receiver's bank account. Can the seller or seller's agent sign the Option Fee Receipt with just seeing the transfer initiated? Or do the funds need to be fully transferred and show up in the Seller's bank account?
What service have others used that's an easy way to get Option Money to a Seller besides a personal or cashier's check?
Thanks!
https://mycoles.onl/
It’s beautiful! It provides a receipt, saves everybody trouble in traffic, is secure. The only problem you are going to come across is that 95% of the people are not tech savvy or think they are going to get robbed. Also add cash app to your list. Usable by everyone not just certain banks and no login required after you set up on your hamdheld.
As long at the seller doesn't have any issues with electronic transfer payment services, it is probably a better option than the traditional way. This way the payment is documented electronically. Be extra careful in entering the correct information for the seller and follow up to make sure that the seller received the payment. Timing is of essence. If the seller doesn't receive the check on time, the buyer could lose their ability to get their earnest money back should they decide to termina...
As long at the seller doesn't have any issues with electronic transfer payment services, it is probably a better option than the traditional way. This way the payment is documented electronically. Be extra careful in entering the correct information for the seller and follow up to make sure that the seller received the payment. Timing is of essence. If the seller doesn't receive the check on time, the buyer could lose their ability to get their earnest money back should they decide to terminate during the option period. So it is very important that this is done within the first three days after the effective date of the contract date. The buyer should state exactly what the money is for in the description section. Send your agent a confirmation after it is done and make sure the agents gets confirmation that it was received.
TREC does not specify exactly how option fee payments must be made, only to who (seller or seller’s agent) and the timeline for performance (two days). It does not matter how payment is made, so long as it is done within the timelines of the contract. PayPal, WesternUnion, Bank Wire Transfer, etc., all are okay so long as the seller or seller’s agent receives and acknowledges on time receipt of required funds. As far as best practices go, just make sure you know who and where you are sending you...
TREC does not specify exactly how option fee payments must be made, only to who (seller or seller’s agent) and the timeline for performance (two days). It does not matter how payment is made, so long as it is done within the timelines of the contract. PayPal, WesternUnion, Bank Wire Transfer, etc., all are okay so long as the seller or seller’s agent receives and acknowledges on time receipt of required funds. As far as best practices go, just make sure you know who and where you are sending your funds to. Check and double check with your seller to ensure that funds are going to seller and not a fraudulent third party, the onus is on you.
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