Realtor® Legal Tip – ** New State Approved Form **
January 22, 2018
Author: Curtis Bullock
Do you hold the earnest money at a Title Company?
If you or your brokerage routinely hold the earnest money at a Title Insurance Company, it is very important that the REPC be amended and that both buyer and seller agree on where the earnest money will be deposited. To amend the REPC, a new State approved form should be used.
** New State Approved form – the Utah Real Estate Commission and Office of the Attorney General recently approved the “Deposit of Earnest Money with Title Insurance Company Addendum to the REPC.” This form is now available on the State’s website https://realestate.utah.gov/. It will soon be made available on your local MLS.
This form does two things: 1) it specifies what Title Insurance Company the EM will be held at, and 2) it informs the parties that the Title Insurance Company may require additional signatures from both the buyer and seller before the EM is released should the transaction fail.
If you have questions about this new form contact the Utah Division of Real Estate at (801)530-6747.