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01-31-2018, 06:04 AM
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Veteran member
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Join Date: Jan 2015
Location: The Villages
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Quote:
Originally Posted by EPutnam1863
Are we sure of this? I have heard several cases where elderlies accept cash deposits on their houses only to refuse to return the deposits when they change their minds about selling the house.
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Anyone who gives a deposit to a seller is nuts!
By law, a deposit must go into an escrow account. If the seller has an agent, the deposit goes into the broker's escrow account.
If the seller is a FSBO (For Sale By Owner), the buyer should have the deposit placed in an escrow account with a title company or attorney.
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