Contracts
In Utah, earnest money in a real estate transaction is typically held by:
AThe listing agent in their personal bank account
BThe title company or the principal broker's trust account✓ Correct
CThe seller until closing
DThe Utah Division of Real Estate
Explanation
In Utah, earnest money is typically deposited with the title company (which acts as the escrow agent) or into the principal broker's separate trust account. It must never be commingled with personal or operating funds.
Related Utah Contracts Questions
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