Scott, just thought I should respond to your response so Bill doesn't get the wrong impression.
Attorney's are not typically involved in Texas residential real estate transactions as they are in some other states. So, while it may be advisable in some circumstances to have an attorney review contracts and closing documents, it is seldom practiced here in Texas and it is not mandatory in any sense.... more
TREC promulgated forms covers this situation under paragraph "Broker's Fee". However, my advise to you would be to consult with an attorney in the case of any dispute being present.
Title companies will hold all earnest money deposits until all parties involved in the transaction agree on "who gets what".... more