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Real Estate
Reply to "Buyer losing an earnest money deposit - how does it work?"
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[quote=Anonymous]The money is held in escrow by the title company. If there is a despute and both the buyer and seller believe that they should get the EMD, the title company holds the money until an agreement is signed by both parties or a court order settled the dispute. It is almost always returned to the buyer because the seller cannot put the house back on the market or sell it to anyone else until the escrow is cleared and the title is once again clean. You can keep the money but then you may have to wait months or even longer to sell if the buyer disputes the claim. [/quote]
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