ContractsMEDIUM
Under Michigan law, earnest money deposits must be:
Correct Answer
B) Deposited in a trust account within 2 banking days
Michigan requires earnest money deposits to be deposited in a trust account within 2 banking days of receipt.
Answer Options
A
Held by the seller directlyB
Deposited in a trust account within 2 banking daysC
Given to the buyer's attorneyD
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Related Topics & Key Terms
Related Topics:
escrow-proceduresbroker-trust-accountsreal-estate-contract-formation
Key Terms:
earnest moneytrust accountMichigan real estate lawescrow deposit2 banking days
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