If a person puts a contract on a house and applies “earnest money” to the contract, does the bro?
by gcadmin on Sunday, November 13th, 2011 | No Comments
Question by virgolito04: If a person puts a contract on a house and applies “earnest money” to the contract, does the bro?
If a person puts a contract on a house and applies “earnest money” to the contract, does the broker have the right to cash that check and put it into escrow before the bank that controls the property ratifies the contract?
Best answer:
Answer by acermill
Yes, if that is what the contract states. In my particular state, we have but 48 hours to deposit such earnest money checks. We are not allowed to ‘hold them’ until someone ‘ratifies the contract’.
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