A buyer and seller in Berks County are unable to agree on the release of a $10,000 hand money deposit after the transaction fails. The broker has held the funds for 6 months with no resolution. Under PA law, what should the broker do?
Correct Answer
C) Continue holding the funds in escrow and consider filing an interpleader action
Under PA law, the broker must continue holding the disputed funds in escrow and should consider filing an interpleader action with the court to resolve the dispute. The broker cannot unilaterally release the funds to either party.
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