BIC TIP #1098: Use Form 355-T to Make Written Demand
In North Carolina real estate transactions, timing and documentation matter. When a buyer fails to deliver an Initial Earnest Money Deposit or a Due Diligence Fee, many agents hesitate or wait too long to take action. This delay can create unnecessary confusion and risk for your client.
Form 355-T exists for a reason. It is the official tool to demand performance with good funds and establish a clear paper trail.
If the Initial Earnest Money Deposit or Due Diligence Fee has not been delivered by the deadline stated in the contract (usually the effective date of the contract for dd fee), you should promptly prepare Form 355-T: Demand for Initial Earnest Money Deposit or Due Diligence Fee.
This written demand documents the missed deadline, creates formal notice to the other party, preserves your client’s contractual rights, and provides a clear timestamp if termination becomes necessary
This is not aggressive. It is not confrontational. It is simply fulfilling your duty as an agent to protect your client’s position under the contract.
A text message is not good enough. A phone call or a casual “checking in” message does not create an official record. Form 355-T ensures that the demand is properly documented and recognized in the transaction file.
Protect Your Client by Acting Quickly
When money is owed under the contract is not delivered on time, hesitation can harm your client. Always use the correct form, always document your actions, and always follow the timeline set by the contract.
