Common use of Deposit Money Clause in Contracts

Deposit Money. (A) Broker will keep (or will give to the listing broker, who will keep) all deposit monies that Broker/Licensee receives in an escrow :_______ __ ________ 99 account as required by the real estate licensing laws and regulations until the sale is completed or an agreement of sale is ter- 101 minated, or the terms of a prior written agreement between the Buyer and a seller have been met. Xxxxx and Seller may name a 102 non-licensee as the escrow holder, in which case the escrow holder will be bound by the terms of the escrow agreement, not by 103 the Real Estate Licensing and Registration Act. Xxxxx agrees that the person keeping the deposit monies may wait to deposit any 104 uncashed check that is provided as deposit money until Seller has accepted an offer. 105 (B) Regardless of the apparent entitlement to deposit monies, Pennsylvania law does not allow a Broker holding deposit monies to 106 determine who is entitled to the deposit monies when settlement does not occur. Broker can only release the deposit monies: 107 1. If an agreement of sale is terminated prior to settlement and there is no dispute over entitlement to the deposit monies. A 108 written agreement signed by both parties is evidence that there is no dispute regarding deposit monies. 109 2. If, after Xxxxxx has received deposit monies, Xxxxxx receives a written agreement that is signed by Xxxxx and Xxxxxx, directing 110 Broker how to distribute some or all of the deposit monies. 111 3. According to the terms of a final order of court. 112 4. According to the terms of a prior written agreement between Xxxxx and Seller that directs the Broker how to distribute the 113 deposit monies if there is a dispute between the parties that is not resolved. 114 (C) Xxxxx agrees that if Xxxxx names Xxxxxx or Xxxxxx’s licensee(s) in litigation regarding deposit monies, the attorneys’ fees and 115 costs of the Broker(s) and licensee(s) will be paid by Xxxxx.

Deposit Money. (A) Broker will keep (or will give to the listing broker, who will keep) all deposit monies that Broker/Licensee receives in an escrow :_______ __ ________ 99 98 account as required by the real estate licensing laws and regulations until the sale is completed or an agreement of sale is ter- 101 99 minated, or the terms of a prior written agreement between the Buyer and a seller have been met. Xxxxx Buyer and Seller may 100 name a 102 non-licensee as the escrow holder, in which case the escrow holder will be bound by the terms of the escrow agreementagree- 101 ment, not by 103 the Real Estate Licensing and Registration Act. Xxxxx agrees that the person keeping the deposit monies may wait to deposit any 104 uncashed check that is provided as deposit money until Seller has accepted an offer. 105 102 (B) Regardless of the apparent entitlement to deposit monies, Pennsylvania law does not allow a Broker holding deposit monies 103 to 106 determine who is entitled to the deposit monies when settlement does not occur. Broker can only release the deposit 104 monies: 107 105 1. If an agreement of sale is terminated prior to settlement and there is no dispute over entitlement to the deposit monies. 106 A 108 written agreement signed by both parties is evidence that there is no dispute regarding deposit monies. 109 107 2. If, after Xxxxxx has received deposit monies, Xxxxxx receives a written agreement that is signed by Xxxxx and XxxxxxSeller, 108 directing 110 Broker Xxxxxx how to distribute some or all of the deposit monies. 111 . 109 3. According to the terms of a final order of court. 112 110 4. According to the terms of a prior written agreement between Xxxxx and Seller that directs the Broker how to distribute 111 the 113 deposit monies if there is a dispute between the parties that is not resolved. 114 112 (C) Xxxxx agrees that if Xxxxx names Xxxxxx Broker or Xxxxxx’s licensee(s) in litigation regarding deposit monies, the attorneys’ fees 113 and 115 costs of the Broker(s) and licensee(s) will be paid by Xxxxx.

Deposit Money. (A) Broker will keep (or will give to the listing broker, who will keep) all deposit monies that Broker/Licensee receives in an escrow :_______ __ ________ 99 account as required by the real estate licensing laws and regulations until the sale is completed or an agreement of sale is ter- 101 minated, or the terms of a prior written agreement between the Buyer and a seller have been met. Xxxxx and Seller may name a 102 non-licensee as the escrow holder, in which case the escrow holder will be bound by the terms of the escrow agreement, not by 103 the Real Estate Licensing and Registration Act. Xxxxx agrees that the person keeping the deposit monies may wait to deposit any 104 uncashed check that is provided as deposit money until Seller has accepted an offer. 105 (B) Regardless of the apparent entitlement to deposit monies, Pennsylvania law does not allow a Broker holding deposit monies to 106 determine who is entitled to the deposit monies when settlement does not occur. Broker can only release the deposit monies: 107 1. If an agreement of sale is terminated prior to settlement and there is no dispute over entitlement to the deposit monies. A 108 written agreement signed by both parties is evidence that there is no dispute regarding deposit monies. 109 2. If, after Xxxxxx has received deposit monies, Xxxxxx receives a written agreement that is signed by Xxxxx and Xxxxxx, directing 110 Broker how to distribute some or all of the deposit monies. 111 3. According to the terms of a final order of court. 112 4. According to the terms of a prior written agreement between Xxxxx and Seller that directs the Broker how to distribute the 113 deposit monies if there is a dispute between the parties that is not resolved. 114 (C) Xxxxx agrees that if Xxxxx names Xxxxxx or Xxxxxx’s licensee(s) in litigation regarding deposit monies, the attorneys’ fees and 115 costs of the Broker(s) and licensee(s) will be paid by Xxxxx.

Deposit Money. (A) Broker will keep (or will give to the listing broker, who will keep) all deposit monies that Broker/Licensee receives in an escrow :_______ __ ________ 99 98 account as required by the real estate licensing laws and regulations until the sale is completed or an agreement of sale is ter- 101 99 minated, or the terms of a prior written agreement between the Buyer and a seller have been met. Xxxxx Buyer and Seller may 100 name a 102 non-licensee as the escrow holder, in which case the escrow holder will be bound by the terms of the escrow agreementagree- 101 ment, not by 103 the Real Estate Licensing and Registration Act. Xxxxx agrees that the person keeping the deposit monies may wait to deposit any 104 uncashed check that is provided as deposit money until Seller has accepted an offer. 105 102 (B) Regardless of the apparent entitlement to deposit monies, Pennsylvania law does not allow a Broker holding deposit monies 103 to 106 determine who is entitled to the deposit monies when settlement does not occur. Broker can only release the deposit 104 monies: 107 105 1. If an agreement of sale is terminated prior to settlement and there is no dispute over entitlement to the deposit monies. 106 A 108 written agreement signed by both parties is evidence that there is no dispute regarding deposit monies. 109 107 2. If, after Xxxxxx has received deposit monies, Xxxxxx receives a written agreement that is signed by Xxxxx and XxxxxxSeller, 108 directing 110 Broker Xxxxxx how to distribute some or all of the deposit monies. 111 . 109 3. According to the terms of a final order of court. 112 110 4. According to the terms of a prior written agreement between Xxxxx and Seller that directs the Broker how to distribute 111 the 113 deposit monies if there is a dispute between the parties that is not resolved. 114 112 (C) Xxxxx agrees that if Xxxxx names Xxxxxx or Xxxxxx’s 's licensee(s) in litigation regarding deposit monies, the attorneys’ ' fees 113 and 115 costs of the Broker(s) and licensee(s) will be paid by Xxxxx.