Contracts
Under the Minnesota purchase agreement, earnest money is typically held by:
AThe buyer until closing
BThe seller's attorney
CThe listing broker's trust account✓ Correct
DThe county recorder
Explanation
In Minnesota, earnest money is typically deposited into the listing broker's trust account. The broker must maintain the earnest money in a separate trust account and disburse it according to the terms of the purchase agreement or mutual written direction.
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