Under Ohio law, buyer's agent Will represents client Amy. Amy asks Will to hold her $10,000 earnest money deposit. Under Ohio law, what must Will do with the deposit?
Correct Answer
C) Give the deposit to his broker, who must deposit it into the brokerage trust account within 2 banking days of receipt
Under ORC §4735.18, earnest money must be deposited into the broker's trust account within 2 banking days of receipt. Will must give the deposit to his broker for proper trust account handling.
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