deposits

On new construction, the builder wants 5% deposit. The house will not be complete for
14 months. Can they just hold on to my money for that long or do they have to put it in an interest bearing account?

[HomeGuru]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by sam6:
On new construction, the builder wants 5% deposit. The house will not be complete for
14 months. Can they just hold on to my money for that long or do they have to put it in an interest bearing account?<HR></BLOCKQUOTE>

I can tell you that they will use it so there is no need to worry about them holding it or getting interest.