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#1
01-20-2003, 04:12 PM
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earnest moneyI live in Minnesota and am selling my home through a real estate agent. If an offer is accepted by us for our home I prefer to hold the earnest money instead of the broker doing so. Is this okay or is there some law that says the earnest money has to be held by a third party? Last edited by cuppy74; 01-20-2003 at 04:17 PM. |
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#2
01-20-2003, 04:34 PM
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Re: earnest money[quote]Originally posted by cuppy74 [b]I live in Minnesota and am selling my home through a real estate agent. If an offer is accepted by us for our home I prefer to hold the earnest money instead of the broker doing so. Is this okay or is there some law that says the earnest money has to be held by a third party? **A: there is no law requiring third party holding, but standards of practice requires a third party either escrow or closing attorney to hold deposits. |
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