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Real estate question
Posted on 2/6/18 at 6:55 pm
Posted on 2/6/18 at 6:55 pm
How is earnest money handled in Louisiana? Have a signed purchase agreement. Real estate agent says he has the earnest money check in his office and is holding it. I thought this was delivered to the title company after the contract was signed by both parties?
2
Posted on 2/6/18 at 8:14 pm to geauxfish24
It's held in an interest free account by the selling broker and disbursed at closing to the title company to co mingle with the other funds (your loan and downpayment) then they disperse it as needed to the seller, seller's payoff, etc.
This post was edited on 2/6/18 at 11:09 pm
Posted on 2/6/18 at 8:29 pm to geauxfish24
It should say in the purchase agreement who is to hold the deposit. It could be the listing broker or the selling broker depending on the section of the state. It should go to the title company at the time of closing and you should see it on the settlement statement. If the deal falls apart then the broker holding it has to make a determination on who gets the deposit, get mutual written consent, or put it in the court system through a concursus.
This post was edited on 2/6/18 at 8:30 pm
Posted on 2/6/18 at 9:06 pm to cmlsu
quote:
It should say in the purchase agreement who is to hold the deposit.
correct. mine always do.
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