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WE are sellling a property without a realtor. what can we do…

Customer Question
WE are sellling a...

WE are sellling a property without a realtor. what can we do with the deposit received with Agreement of Sale?

Lawyer's Assistant: Where is the property located?

Pennsylvania, Montgomery County

Lawyer's Assistant: Has any paperwork been filed?

No. WE expect to sign agreement today

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Don't think so.

Submitted: 8 months ago.Category: Real Estate Law
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Answered in 1 minute by:
11/12/2017
Real Estate Lawyer: legalgems, Arbitrator replied 8 months ago
legalgems
legalgems, Arbitrator
Category: Real Estate Law
Satisfied Customers: 13,711
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Real Estate Lawyer: legalgems, Arbitrator replied 8 months ago

The deposit money is to be held in escrow; this serves to protect the buyer which is why the seller and/or broker is never to receive funds directly from the buyer.

Rather an escrow account may be set up and the buyer directed to deposit any money there.

This allows the sale to continue at an arm's length transaction and provides safekeeping in the event of a dispute.

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Customer reply replied 8 months ago
can we deposit the money in a new, separate account in our names, to be held until closing?
Real Estate Lawyer: legalgems, Arbitrator replied 8 months ago

Since the property is held in a constructive trust, a deposit needs to be held in the buyer's name. This is why most people will engage an escrow company, or an attorney (to hold the funds in a separated trust account) or a realtor (For limited services as well as full service).

The seller must account for interest as well as maintain a fiduciary duty when there is a constructive trust and may not commingle the funds or have it appear as if the money belongs to the seller because that allows seller's creditors to access those funds; similarly if the seller dies, the buyer would have to petition the probate court to release those funds. This is why the money must be kept in the buyer's name.

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