A broker receiving a deposit must deposit the funds in their trust account:

The requirement for a broker to deposit a received deposit into their trust account no later than two banking days after receiving notice that all parties have signed is grounded in regulatory standards that aim to protect all parties involved in a real estate transaction. This ensures that the funds are handled securely and fairly, maintaining trust and integrity in the process.

The timeline established allows brokers a brief period to process the transaction and handle necessary arrangements while ensuring that deposits do not remain unaccounted for. By mandating that deposits be placed into a trust account within this timeframe, the law helps prevent any potential mishandling or misuse of the funds, thereby safeguarding the interests of buyers and sellers alike.

Prompt deposit within two banking days also supports effective record-keeping and provides a clear audit trail, which contributes to transparency in real estate transactions. In maintaining this practice, brokers uphold their fiduciary duty to their clients, reinforcing reliability in their professional conduct.