zahep, Home Buyer in Potomac, MD

Selling insisting earnest money not be deposited with title company. Where else can it be held?

Asked by zahep, Potomac, MD Sat Jun 1, 2013

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Piero Marinu…, Agent, Silver Spring, MD
Sat Jun 1, 2013
Yes, it's typically held with the buyers' broker, but it can be held by the title company and the sellers' broker as well.

I'm not certain why the seller would insist on the title company holding it, unless the seller is a bank, and then I would say that is normal. Otherwise, there may be some trust issues at play.
1 vote
Karen Friedm…, Agent, Rockville, MD
Tue Nov 19, 2013
Earnest money deposit can be held by either the buyers broker or the title company.
0 votes
Ron Thomas, Agent, Fresno, CA
Sat Jun 1, 2013
Like the man said; if you have a signed Contract, you must abide by it.
However, there is a reason why we use Escrow/Title Companies.
And, the money is not their's until and unless the Escrow Closes.
I would be suspicious of the Seller's motive.
0 votes
Scott Godzyk, Agent, Manchester, NH
Sat Jun 1, 2013
Here in NH deposits are held in the listing brokers escrow account. It can also be held by teh title company. If you are writing an offer you as the buyer can request where you want it. if you already have a signed offer than you have to abide by what the contract states.
0 votes
Greg Myers, Agent, Gaitherburg, MD
Sat Jun 1, 2013
I am not sure "Why" the selling side has objections to placing he earnest money deposit with the title company, I have been placing the earnest money deposit with the buyers title company for over 15 years with No issues.

Greg Myers
RE/MAX Realty Group
0 votes
Robert McArt…, Agent, Fallston, MD
Sat Jun 1, 2013
It has to be mutually agreed upon but it can be deposited with either the Buyers or Seller Brokerage if NOT with the Title company. Generally with the Buyers Brokerage.
0 votes
Marcela Zocc…, , Bethesda, MD
Sat Jun 1, 2013
I agree with Laura Roskelly; typically earnest money deposit can be held by the buyer's broker or the title company chosen by the buyer. Please review the language in the contract which supports this practice.
0 votes
Jessica Hood…, Agent, Gambrills, MD
Sat Jun 1, 2013
Most earnest money deposits are held by the buyer's broker.
0 votes
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