If the purchaser is paying a substantial amount of earnest money, and particularly if the closing is several months later, it would be practical to place the funds in a interest bearing account. It is permissible to do so as long:
A. All parties having an interest in the fund agree to this procedure in writing.
B. The interest is paid to the seller at closing.
C. The funds do not exceed $10,000.
D. The broker has given you written permission.
Answer: A. All parties having an interest in the fund agree to this procedure in writing.
Business
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