medium · National Real Estate Exam Contracts
A buyer default occurs. The earnest money is held by an escrow company.
The escrow company will release the money to the seller only when:
- The seller's broker simply makes a request to the escrow company
- The standard 10-day statutory waiting period has fully passed
- Both parties sign a release or a court issues a judgment.
- The buyer moves out of the house they currently reside in
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