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Earnest money

Earnest money deposits: the full story

One of the most important duties a REALTOR® has is holding a clients' funds for Earnest Money Deposits. VAR's Blake Hegeman updates viewers on EMDs by covering this info:
    •    Release of EMD funds
    •    Timeliness of releases
    •    Can the absence of an EMD prevent a contract from being ratified?

Nearly to scale: 2010 new laws resources

Each year, on the first of July, the various laws passed by the General Assembly and signed by the Governor take effect. VAR has had a hand in a number of important pieces of legislation that affect our members — and there are several other laws that, while we didn’t have a hand in them, are the kinds of things Realtors® and brokers are likely to encounter.

We've made a variety of resources available to members so they know exactly what changes are coming that will affect their business. So what's available?

Legal Hotline Q&A: Deposits, Earnest Money & Escrows


Question: When does an EMD have to be deposited?

Answer:

The deposit must occur within five business banking days following ratification unless otherwise agreed to in writing by the parties (this will come up in a later question).

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