Do You Cash the Check Right Away?
Top 50 Questions about Farmland
Hey, it's the Iowa Land guy, and here's the top 50 questions that I get. Ask about farmland. So once I give you an earnest money check, do you cash it right away? The rule for the Iowa Real Estate Commission is we have five days to get that in the trust account. So typically, after the auction, you'll probably call your banker as a buyer and you will say, Hey, I just bought this farm.
We also call the bank, are the funds good? Make sure that everybody's in communication and we move forward with that transaction. Now typically we try and get that to the attorney as soon as we possibly can, and then they, probably take two days before they put it into their trust account and execute on cashing that check.
David Whitaker | Iowa Land Guy