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Legal Matters: License law requirements for handling earnest money

One of the most frequently asked questions received by the OAR Legal Hotline concerns the proper handling of earnest money…

  • Is earnest money required to have an enforceable contract in Ohio?
  • What constitutes “timely manner” for depositing of earnest money into a trust account?
  • Which broker should hold the earnest money?
  • If, for some reason, the contract doesn’t close…which party should get the earnest money?

The OAR Legal Hotline’s Peg Ritenour & Lorie Garland provide a comprehensive review of the Ohio license law requirements of handling earnest money in this must see episode of OAR Legal Matters!

Tags: legal, OAR Legal Matters