ContractsEASY
In Illinois, earnest money typically:
Correct Answer
C) Is held by a closing agent or attorney
In Illinois, earnest money is typically held by a closing agent, escrow company, or attorney until closing or the contract is terminated.
Answer Options
A
Must equal 10% of the purchase priceB
Is held by the listing brokerC
Is held by a closing agent or attorneyD
Is returned at closingVideo Explanation3 min
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Related Topics & Key Terms
Related Topics:
real-estate-escrow-processreal-estate-contract-contingenciesillinois-real-estate-closing-procedures
Key Terms:
earnest moneyescrowIllinois closing attorneyIllinois Real Estate License Actclosing agent
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