A contract has been terminated. The buyer has submitted a written demand for the earnest money. The title company has provided a copy of the demand to the seller. What should the title company do next?

Question

Social Studies

Trystan Parks

10 November, 06:24

A contract has been terminated. The buyer has submitted a written demand for the earnest money. The title company has provided a copy of the demand to the seller. What should the title company do next?

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Answers (1)

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Scarlett Harris · Answer 1

The title company should wait for the response of the seller but with in only fifteen days.

Explanation:

In the case of a contract been terminated, the title company should wait for the response if any that they get from the seller. But that response should be within fifteen days.

If no response is received from the seller company, then it should release the funds to the buyer. But from these funds, the company should deduct the expenses that were made. In all this procedure, the title company should be held harmless.