Question
What does a broker do if the buyer of an industrial complex wants the earnest money to be placed in an interest bearing trust account
What does a broker do if the buyer of an industrial complex wants the earnest money to be placed in an interest bearing trust account with the interest being paid to the buyer at closing?
The broker can follow the buyer's instructions without the seller's permission.
The broker must pay the interest out of the interest bearing account before disbursement.
The broker must obtain the seller's permission in writing prior to following the buyer's instructions concerning the earnest money and disbursement of the interest.
The broker is not authorized to use an interest-bearing account.
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