Contracts
In NC, the earnest money deposit on a residential purchase is typically held by:
AThe listing broker in their trust account✓ Correct
BThe buyer until closing
CThe closing attorney
DThe seller directly
Explanation
In NC, the earnest money (as opposed to the due diligence fee) is typically deposited into the listing firm's trust account or the buyer's agent's trust account as specified in the contract. It is held until closing or contract termination.
Related North Carolina Contracts Questions
- Under the North Carolina Offer to Purchase, the earnest money deposit (EMD) is:
- The North Carolina Offer to Purchase and Contract is a standard form approved by:
- In NC, an option contract gives the optionee (buyer):
- A NC real estate sales contract is a contract for the 'sale of an interest in real property.' Under the Statute of Frauds, to be enforceable, this contract MUST be:
- An option contract in North Carolina:
- A NC buyer submits an offer with a 15-day due diligence period and a $5,000 due diligence fee. On day 10, the buyer discovers the foundation has serious cracks costing $40,000 to repair. The buyer should:
- In North Carolina, the 'due diligence fee' paid at contract execution is:
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