OAR 863-015-0257
Receiving and Disbursing Funds

(1) A real estate broker must deliver to the real estate broker’s principal broker within three banking days any money, checks, drafts, warrants, promissory notes, or other consideration received while conducting professional real estate activity. Absent the buyer’s written instructions to the contrary, the real estate broker must transmit all earnest monies to the principal broker within three banking days of receipt.
(2) If a real estate broker or principal broker receives a check as earnest money in a transaction:
(a) The check may be held un-deposited until the offer is accepted or rejected, provided that the written sale agreement states that the real estate broker or principal broker is holding the check un-deposited and further states where and when the check will be deposited upon acceptance of the offer; or
(b) If the check is made payable to the seller, the check may be held until the offer is accepted or rejected provided that the written sale agreement states that the real estate broker or principal broker is holding the check until acceptance of the offer.
(3) For a check held pursuant to section (2), the real estate broker or principal broker within three banking days following the acceptance of the offer or a subsequent counter offer must:
(a) Deposit the check into a clients’ trust account established under ORS 696.241 (Clients’ trust accounts);
(b) Deposit the check to a licensed neutral escrow depository located within this state, tracking the earnest money deposit from the buyer to the principal broker and to the escrow depository; or
(c) For a check made payable to the seller, deliver the check to the seller.
(4) For all other funds not earnest money, whether in the form of money, checks, drafts or warrants belonging to others and received by a real estate broker or principal broker while engaged in professional real estate activity, the real estate broker or principal broker within five banking days following receipt of the funds must:
(a) Deposit the funds to a licensed neutral escrow depository located within this state;
(b) Deposit the funds into a clients’ trust account established under ORS 696.241 (Clients’ trust accounts); or
(c) For a check made payable to the seller, deliver the check to the seller.
(5) If a principal broker accepts a credit card payment as funds in a real estate transaction:
(a) The face amount of the credit card payment, without reducing the face amount by any merchant’s discount and processing fee charged to the principal broker, is the amount he or she must maintain, use, and refund as necessary; or
(b) The face amount of the credit card payment, reduced by any merchant’s discount and processing fee, may be maintained and used by the principal broker when he or she has a separate written agreement signed by the credit card user authorizing this reduction. The face amount, including any merchant’s discount and processing fees paid by the credit card user, must be refunded to the credit card user when a refund is necessary;
(c) The principal broker may not benefit from any of the merchant’s discounts or processing fees generated by the use of a credit card;
(d) A principal broker’s clients’ trust account may not be charged or debited for any merchant’s discount or processing fees for use of the credit card in such transaction.
(6) If a real estate licensee is a principal in an offer or transaction, all earnest money or other deposits must be handled as provided in OAR 863-015-0145 (Real Estate Transactions Involving a Licensee as a Principal to the Transaction).
(7) All funds deposited into a clients’ trust account established under ORS 696.241 (Clients’ trust accounts) and not disbursed or transferred to a neutral escrow depository pursuant to the sale agreement may only be disbursed:
(a) To individuals, as directed by order of court of competent jurisdiction;
(b) To individuals, as directed in writing by one or more principals;
(c) To the court, upon filing by the principal broker of an interpleader action for disputed earnest money funds; or
(d) As provided in OAR 863-015-0186 (Clients’ Trust Accounts — Disbursal of Disputed Funds).
(8) If interest earned in a clients’ trust account under OAR 863-015-0265 (Interest-Bearing Accounts) inures to the benefit of the principal broker, such interest must be disbursed to the principal broker within ten calendar days from the date of the bank statement on which such interest first appears.
(9) If any forfeited earnest money, earnest money or other money is being paid to the principal broker for compensation and is being held in the client’s trust account at the time the transaction is completed or terminated, the money must be disbursed to the principal broker within ten calendar days from the date the transaction is completed or terminated.

Source: Rule 863-015-0257 — Receiving and Disbursing Funds, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=863-015-0257.

Last Updated

Jun. 24, 2021

Rule 863-015-0257’s source at or​.us