Residential Contract of Purchase

The Earnest Money Deposit language was updated to clarify when the EMD must be deposited when the parties opt to use an Extended Deposit Date in the contract. Due to ambiguity in the contract when a broker received an EMD check between contract ratification and the Extended Deposit Date, it was not clear when the check must be deposited. Now, the broker must deposit the EMD within five business banking days of receipt, regardless of where they are in the contract time period.

Law & Ethics