This video is intended for Brokers & Managing Brokers who hold Earnest Money regarding tips and tricks for writing the “10 Day Letter.” When a contract terminates or fails to close and the parties do not agree in writing who gets the Earnest Money (i.e. they don’t sign the “Release” of a Termination & Release) then one of the options for the Holder of the Trust funds is to reasonably interpret the contract and disburse the funds based upon this interpretation. This is allowed for per Georgia License Law and the Georgia Association of Realtors (GAR) & RE Forms contracts. This video addresses tips to keep in mind when writing this notice to the parties of your intent, as Holder, to disburse those funds.
Thank you for watching! Browse the “videos” and “playlists.” Dana Sparks, Qualifying Broker, Maximum One Greater Atlanta, REALTORS http://www.KeepMoreCommission.com