The purchase agreement states that upon acceptance of an offer, the “buyer or buyer’s agent will deliver immediately upon notice of the acceptance of the offer a deposit in the amount of…”

When is “immediately”? Does it mean an hour, a day, a few days. If the buyer’s agent and listing agent have different interpretations of “immediately” it could lead to confusion on whether or not there is a binding contract in place, especially if the seller is considering multiple offers.

There is no clear, legal definition (so far) on what immediately means with regards to the real estate purchase agreement. Instead, the circumstances of the parties would dictate when immediately is. If the purchaser is in town and can deliver a check to the broker’s office, immediately would probably mean within 24 hours of an acceptance of the offer. Checks can be dropped through mail slots in the door after hours, even putting it in the mail shouldn’t take more than a day or two to make it to the broker’s office. If the buyer is out of town, then sellers should at least allow for mail delivery of the check.

As is often the case in real estate, each deal will be considered on a case by case basis. The actions of the parties and circumstances are all taken into account in deciding whether the parties have entered into a binding contract.