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CLOSING ATTORNEY ACTING AS HOLDER OF EARNEST MONEY EXHIBIT

CLOSING ATTORNEY ACTING AS HOLDER OF EARNEST MONEY EXHIBIT 2025

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The document outlines the responsibilities and procedures for a Closing Attorney acting as the Holder of earnest money in a real estate transaction in Georgia. It specifies the requirements for the Buyer to deliver necessary documents, the timeline for the Closing Attorney to agree to serve as Holder, and the rights and duties of the Holder. Additionally, it addresses scenarios involving failure to timely agree or resignation of the Holder, and provides instructions for handling earnest money in all-cash transactions.

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Who chooses the closing attorney in a real estate transaction?

The common practice in California, for example, is for the escrow company, rather than the selling or listing agent, to hold a buyers earnest money deposit. Only after the escrow is cancelled, will the seller receive the earnest money deposit.

What happens to earnest money after closing?

Earnest money is returned to the buyer at closing. The buyer can choose whether to apply the funds toward a down payment, closing costs or other settlement costs. But in some cases, if certain provisions of the purchase contract are broken, the buyer will have to forfeit the earnest money and the seller will keep it.

Who keeps earnest money after closing?

Established trust influences the decision on who picks the closing attorney. Sellers might prefer an attorney theyve worked with before who understands their preferences and legal expectations. However, buyers may select an attorney recommended by trusted sources such as friends or real estate agents.

Who keeps earnest money if deal falls through?

Expect the check to be cashed right away, but it does not belong to the sellerthe money is held in an escrow account. Your earnest money will be held in the escrow account until closing.

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