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long complicated question, but need honest help ASAP, please.?
ok............ we are renting a home in indiana, and plan to purchase it once ours sells in alabama. we entered into a rental contract with the homeowners and as a condition to purchase the home we had it written in once the house in alabama sells we will purchase this house. we paid a 750 fee to our realtor for earnest money and also 750 to the homeowners for rent. my question is this: what does the realtor do with the earnest money that we gave him? thanks !!!!!!!!!!!
3 Answers
- Expert8675309Lv 71 decade agoFavorite Answer
They give it to the broker and it goes into a trust account.
A trust account is a special, protected account were monies are deposited that will eventually be applied to the purchase of a home or refunded back, and day-to-day operations of the business cannot legally be co-mingled with the trust funds.
PS: Escrow accounts are ONLY in escrow states...there are only 4 escrow states and Indiana is not one of them. Everywhere else uses trust accounts.
- 1 decade ago
The state of Indiana should have regulations in place as to how your $750.00 is to be handled and also how it is to be accounted for. There should be language in your agreement that covers it.
- thirsty mindLv 61 decade ago
It is in a special "savings" account called an escrow account. It's safe.