Common use of Deposit Money Clause in Contracts

Deposit Money. 97 (A) Broker, if named in an agreement of sale, will keep all deposit monies paid by or for the buyer in an escrow account until the sale 98 is completed, the agreement of sale is terminated, or the terms of a prior written agreement between the buyer and Seller have been 99 met. This escrow account will be held as required by real estate licensing laws and regulations. Xxxxx and Seller may name a non- 100 licensee as the escrow holder, in which case the escrow holder will be bound by the terms of the escrow agreement, if any, not by 101 the Real Estate Licensing and Registration Act. Seller agrees that the person keeping the deposit monies may wait to deposit any 102 uncashed check that is received as deposit money until Seller has accepted an offer. 103 (B) Regardless of the apparent entitlement to deposit monies, Pennsylvania law does not allow a Broker holding deposit monies to 104 determine who is entitled to the deposit monies when settlement does not occur. Broker can only release the deposit monies: 105 1. If an agreement of sale is terminated prior to settlement and there is no dispute over entitlement to the deposit monies. A written ______ :______ _ 106 agreement signed by both parties is evidence that there is no dispute regarding deposit monies. 108 2. If, after Xxxxxx has received deposit monies, Xxxxxx receives a written agreement that is signed by Xxxxx and Xxxxxx, directing 109 Broker how to distribute some or all of the deposit monies. 110 3. According to the terms of a final order of court.

Deposit Money. 97 (A) Broker, if named in an agreement of sale, will keep all deposit monies paid by or for the buyer in an escrow account until the sale 98 is completed, the agreement of sale is terminated, or the terms of a prior written agreement between the buyer and Seller have been 99 met. This escrow account will be held as required by real estate licensing laws and regulations. Xxxxx and Seller may name a non- 100 licensee as the escrow holder, in which case the escrow holder will be bound by the terms of the escrow agreement, if any, not by 101 the Real Estate Licensing and Registration Act. Seller agrees that the person keeping the deposit monies may wait to deposit any 102 uncashed check that is received as deposit money until Seller has accepted an offer. 103 (B) Regardless of the apparent entitlement to deposit monies, Pennsylvania law does not allow a Broker holding deposit monies to 104 determine who is entitled to the deposit monies when settlement does not occur. Broker can only release the deposit monies: 105 1. If an agreement of sale is terminated prior to settlement and there is no dispute over entitlement to the deposit monies. A written ______ :______ _ 106 agreement signed by both parties is evidence that there is no dispute regarding deposit monies. 108 2. If, after Xxxxxx has received deposit monies, Xxxxxx receives a written agreement that is signed by Xxxxx and Xxxxxx, directing 109 Broker how to distribute some or all of the deposit monies. 110 3. According to the terms of a final order of court.

Deposit Money. 97 (A) Broker, if named in an agreement of sale, will keep all deposit monies paid by or for the buyer in an escrow account until the sale 98 is completed, the agreement of sale is terminated, or the terms of a prior written agreement between the buyer and Seller have been 99 met. This escrow account will be held as required by real estate licensing laws and regulations. Xxxxx and Seller may name a non- 100 licensee as the escrow holder, in which case the escrow holder will be bound by the terms of the escrow agreement, if any, not by 101 the Real Estate Licensing and Registration Act. Seller agrees that the person keeping the deposit monies may wait to deposit any 102 uncashed check that is received as deposit money until Seller has accepted an offer. 103 (B) Regardless of the apparent entitlement to deposit monies, Pennsylvania law does not allow a Broker holding deposit monies to 104 determine who is entitled to the deposit monies when settlement does not occur. Broker can only release the deposit monies: 105 1. If an agreement of sale is terminated prior to settlement and there is no dispute over entitlement to the deposit monies. A written ______ :______ _ 106 agreement signed by both parties is evidence that there is no dispute regarding deposit monies. 108 2. If, after Xxxxxx has received deposit monies, Xxxxxx receives a written agreement that is signed by Xxxxx and Xxxxxx, directing 109 Broker how to distribute some or all of the deposit monies. 110 3. According to the terms of a final order of court. 111 4. According to the terms of a prior written agreement between Xxxxx and Seller that directs the Broker how to distribute the 112 deposit monies if there is a dispute between the parties that is not resolved. 113 (C) Xxxxxx agrees that if Seller names Broker or Xxxxxx’s licensee(s) in litigation regarding deposit monies, the attorneys’ fees and costs 114 of the Broker(s) and licensee(s) will be paid by Xxxxxx.

Deposit Money. 97 (A) Broker, if named in an agreement of sale, Broker will keep (or will give to the listing broker, who will keep) all deposit monies paid by or for the buyer that Broker/Licensee receives in an escrow 96 account as required by the real estate licensing laws and regulations until the sale 98 is completed, the completed or an agreement of sale is terminatedter- 98 minated, or the terms of a prior written agreement between the buyer Buyer and Seller a seller have been 99 met. This escrow account will be held as required by real estate licensing laws and regulations. Xxxxx and Seller may name a non- 100 99 non-licensee as the escrow holder, in which case the escrow holder will be bound by the terms of the escrow agreement, if any, not by 101 100 the Real Estate Licensing and Registration Act. Seller Xxxxx agrees that the person keeping the deposit monies may wait to deposit any 102 101 uncashed check that is received provided as deposit money until Seller has accepted an offer. 103 102 (B) Regardless of the apparent entitlement to deposit monies, Pennsylvania law does not allow a Broker holding deposit monies to 104 103 determine who is entitled to the deposit monies when settlement does not occur. Broker can only release the deposit monies: 105 104 1. If an agreement of sale is terminated prior to settlement and there is no dispute over entitlement to the deposit monies. A 105 written ______ :______ _ 106 agreement signed by both parties is evidence that there is no dispute regarding deposit monies. 108 106 2. If, after Xxxxxx has received deposit monies, Xxxxxx receives a written agreement that is signed by Xxxxx and Xxxxxx, directing 109 107 Broker how to distribute some or all of the deposit monies. 110 108 3. According to the terms of a final order of court.