How should Deposits and Earnest Money be handled?

Jason Smith -

Brokers are responsible at all times for deposits and earnest money accepted by them or their affiliate brokers, in accordance with the terms of the contract. The broker shall maintain for a period of at least (3) years accurate records of the account showing:

   (1) The depositor of the funds;

   (2) The date of deposit;

   (3) The date of withdrawal;

   (4) The payee of the funds; and

   (5) Other pertinent information that the commission may require.

See: TCA 62-13-321

Rental deposits must be held in a separate account.

Funds should be disbursed or interplead within twenty-one (21) calendar days from the date of receipt of a written request for disbursement of earnest money. See: TCA 1260-02-.09

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