In a Tampa transaction, a buyer wants the Florida rule on disputed earnest money. Which statement is correct?
Correct Answer
C) Disputed earnest money may trigger the broker's 15-business-day and 30-business-day settlement-procedure obligations when the broker holds the funds.
Disputed earnest money may trigger the broker's 15-business-day and 30-business-day settlement-procedure obligations when the broker holds the funds. This follows Current Florida residential contract practice; Rule 61J2-14.008, F.A.C.; FREC Real Estate Law Book.
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A Florida buyer submits a contract with a personal check for earnest money on Friday afternoon. The check bounces on Monday morning before the seller accepts the offer. The seller wants to accept the contract anyway and demands the buyer provide good funds. What is the legal status of this situation?
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In Florida real estate transactions, what is the primary purpose of earnest money?