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DISBURSEMENT of EARNEST MONEY Form

DISBURSEMENT of EARNEST MONEY Form

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hi everybody Dana sparks Broker of maximum one Greater Atlanta Realtors and today's contract tip has to do with the disbursement of earnest money on a contract that fails to close so if you if there are a buyer and a seller and they go binding on a contract and it doesn't close what happens to the earnest money well the instructions are outlined in the contracts the GAR contract form and the re contracts form those are the forms I'm going to go over and there are license law provisions regarding earnest money and a broker holding the earnest money so the first thing is that license law states that a broker holding earnest money does not have to disperse those funds until it has until it has actually cleared their account so first of all if a party terminates and they want the earnest hasn't cleared the account yet there is no obligation for the broker to disperse those funds at that point but short of that what happens well again the contract well the ot

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