Originally Posted by Minnewaska
No point going to a local bank to open an escrow account. Use an escrow agent that already has one.
There is really no practical point to cashing the good faith check prior to survey. In the standard contract, the buyer can bail for absolutely any reason whatsoever and get it all back, up to that point. Why would anyone in their right mind (attorney, broker, etc) bother with the liability for accepting the cash, when they have zero right to it yet.
The process is mostly good faith, until she is accepted post-survey, and that's all.
Because it's the law. Maybe it shouldn't be law but until it isn't it is.
Attorneys', brokers, etc don't get to decide that.