When should a listing agent demand funds from the buyer under revised Form 2-T?

QUESTION: I have reviewed the changes to the Offer to Purchase and Contract (Form 2-T) regarding payment of the Due Diligence Fee. I understand that the Due Diligence Fee is still due to the seller on the Effective Date, but now it can be delivered by the next banking day following the Effective Date without being late. I usually send Form 355-T (Notice to Buyer to Deliver Cash, Official Bank Check, Wire Transfer, or Electronic Transfer) on the Effective Date to make sure my seller gets paid on time. Can I still send Form 355-T on the Effective Date?

ANSWER: Under Form 2-T, it is best practice to send a written demand only after the buyer has failed to timely deliver funds or if the buyer’s payment is dishonored. If you send a written demand before the buyer has defaulted, we are not sure how a court will treat such a demand.

Paragraph 6(a)(i) of Form 2-T states:

The highlighted language tends to indicate that the written demand can be used after a buyer has failed to timely deliver the money or had their funds dishonored. Form 355-T has similar language in paragraphs 2 and 3:

It is entirely permissible for a listing agent to inquire on the Effective Date – in writing – about the buyer’s anticipated timeline for delivery of the Due Diligence Fee. It is due and the property of the seller on that date, even if it has not been paid yet, and the buyer technically has more time to deliver payment. If the buyer does not pay the Due Diligence Fee on the next banking day following the Effective Date, listing agents should send a separate written notice to ensure that all requirements have been met under Form 2-T to give the seller standing to unilaterally terminate if payment is not then made by the buyer within one banking day following both default and written notice.

Release Date: 6/25/2026

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