Kentucky law requires that earnest money deposits be placed in:
Correct Answer
B) The broker's escrow/trust account within a reasonable time
Kentucky requires earnest money to be deposited in the broker's escrow/trust account within a reasonable time as specified in the contract or KREC regulations.
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Related Topics & Key Terms
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Key Terms:
Related Concepts
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
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