There are four ways to collect escrow checks for LAER listings.
- Mail to HQ - If the buyer mails the check to our LAER Headquarters at LAER Realty - 173 Chelmsford Street, Chelmsford MA 01824, our team opens the mail every weekday and will deposit any check that is found. Make sure the property address is located on the memo line of the check so there is no delay in depositing.
- DepositLink - This is the fastest and most convenient way to collect escrow checks. Learn more: What's Deposit Link and How Do I Use It? It costs the buyer $5 for any transfer under $5000. It costs the buyer $10 for any transfer $5000 or over. No waiting for the mail. No driving to a brokerage to hand off the check.
- Mobile Deposit - If you are in possession of the escrow check, you can deposit it on your own using the LAER mobile deposit app that will deposit the escrow directly into our accounts. You will receive email notification of the deposit on the next business day after the deposit has been made (or 2 business days later if the deposit is made after 2pm or on Saturday/Sunday.) Learn more about Mobile Deposit here: Signing Up for Mobile Deposit - If an escrow deposit check is mailed to an office other than the LAER HQ office listed above, it will be your responsibility for making sure the deposit is received and deposited. You can check the mail daily and make the deposit via Mobile Deposit OR if there's a Happy Agent host in the office you can work with that host to check the mail and make the deposit.
- Bank Wire - Wiring is the most expensive way to deposit an escrow check. We charge a $25 fee for receiving wires because our bank charges fees for these types of deposits. Therefore, a $25 wire fee will be deducted from your commission at the time of closing if you receive the escrow by wire. Here's info on receiving a wire: Wiring Info for Escrow