OK, in real estate regarding the earnest money, who holds the earnest check until closing. Who has the trust account that will hold this money? I look for the listing agents firm to have a trust account to hold this money!
I have been seeing some this happen where the listing agent is making the responsibility of the buyer's agents firm to hold the earnest money. What is up with that?
The listing agent must not have a trust account, so they cannot hold the earnest money?
Maybe they are being over paid by the listing and do not know what to do with the earnest money?
Why cannot the listing agent take the earnest money and put it in to their trust account and if over paid then they take the earnest money to closing?
Come on take on the responsibility?
OK, What happens if you run into someone who is only a buyers agent that cannot via have a trust account and wants to put an offer in then who's going to keep the earnest money when the buyers only agent connot?
What I am trying to say, being the buyers agent you should not have the earnest money it should go to listing side. I am seeing where the listing agent is saying the buyers side should keep the earnest money.
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