How should I receive deposit? PayPal or Deposit

Question

Hey BP,
I have my website up and going.
 If someone wanted to receive a property through and assignment should I receive the non-refundable deposit through pay pal or should they send it to the title co? 
Thanks for you feedback!!!

Ryan Webber · Answer

Paying a fee to Pay Pal seems crazy to me, but I prefer to not have my buyers give the earnest money to the title company either.  If they deposit the money at the title company, the Buyer can dispute you getting it, if and when they pull out of the contract.  If its paid to me directly they will have to take me to court to get it back.  Now if its a new buyer then I have let them give it to the title company to make them feel more comfortable with the transaction, but I still push to get it directly.  In the case of an out of area buyer, I have had them wire it directly to my bank account before.  This would eliminate the Pay Pal fee and still let me control the money.

Steve L. · Answer

I personally would never ever take PayPal.  They charge a fee and they also can reverse the transaction for many reasons (buyer complaining, against TOS, etc).  That will freeze your entire account.

John S. · Answer

Whatever is cheaper. Paypal takes a fee, if the title Co will deposit 100% of the funds do it that way.