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Questions and Answers
What does the contract of sale state about the earnest money deposit?
What does the contract of sale state about the earnest money deposit?
The contract states that the earnest money deposit is to be placed in an interest-bearing account with any interest earned to be given to the buyer.
Who is entitled to the interest earned on the earnest money deposit?
Who is entitled to the interest earned on the earnest money deposit?
The buyer is entitled to the interest earned on the earnest money deposit.
What type of account should the earnest money deposit be placed in?
What type of account should the earnest money deposit be placed in?
The earnest money deposit should be placed in an interest-bearing account.
