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hi everybody dana sparks broker of maximum one greater atlanta realtors and this weeks contract tip has to do with the release of earnest money upon termination of a contract so just a couple tips to remind you number one the holder of any trust funds may not release the earnest money theres trust funds to any party unless we get both party signatures agreeing to as to which party gets those funds back so the release agreement uh on on after you terminate a contract there is the release agreement now any one party can terminate but you need both party signatures to release the trust funds they have to have be in agreement as to who gets that money back so until the holder of the earnest money of the trust funds gets that signed agreement the holder may not uh release those funds back to any party the other thing to remember is the contracts both re forms and gar forms state that the holder of the earnest money does not have to release any trust funds until they have cleared the bank
