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 5250 a Provides that a Buyer Transferee of Real Property Located in Maine Must Withhold Tax If the 2019

State of Maine Rew 3 2019-2025 Form

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[Music] hi I'm Annie Fitzsimmons I'm your Washington Realtors Legal Hotline lawyer and today we're once again reaching into the mailbag to bring you today's question and answer and here's the question buyer has made an offer with a very large non-refundable earnest money the earnest money is in excess of five percent of the purchase price if buyer fails to close the transaction will seller be allowed to keep that entire earnest money and the answer is if nothing else happens and the buyer has simply presented this offer on the statewide forms purchase and sale agreements and seller accepts the offer as is the answer is no seller will not be allowed to keep more than five percent of the purchase price now sometimes brokers will say well what if we call it earnest money or what if we call it something else the it doesn't matter okay the the court will look at the totality of the money that the buyer is forfeiting because that's what

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