ANSWERS: 1
  • Regardless of the State, the licensed Real Estate Broker is obligated to retain all Earnest Monies in a trust account until the settlement date. The title/escrow/closing company would notify the Buyer and Seller of the date and time of the closing or settlement. The Buyer's Earnest Money is credited toward the purchase price (as agreed on P.A.), and this will all be documented by the closer on the HUD-1 Settlement Statement. You should direct any further questions to a Realtor familiar with your State laws.

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