Earnest Money Release: This is an official Colorado Real Estate Commission form that complies with all applicable Colorado codes and statutes. USLF amends and updates all Colorado forms as is required by Colorado statutes and laws.
Colorado Earnest Money Release
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Description Release Of Earnest Money
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Go to the Banking menu and click Transfer Funds. In the Transfer Funds window, select the account from which you want to transfer the funds. Select the account to which you want to transfer the funds. Enter the amount that you want to transfer. Save the transaction.
The release of earnest money form is a waiver that is to be signed by both the buyer and seller before an earnest money deposit towards a property may be released.
According to the court, the earnest money paid by a prospective purchaser of a property can be forfeited by the seller in case the buyer fails to pay the remaining sum as per the agreement.The Court ruled that earnest money is given to bind a contract.
Does the Seller Ever Keep the Earnest Money? Yes, the seller has the right to keep the money under certain circumstances. If the buyer decides to cancel the sale without a valid reason or doesn't stick to an agreed timeline, the seller gets to keep the money.
Assuming the seller does not contest to you getting your earnest money back, then you should both sign release forms. This says that you both agree that the earnest money will be returned to you. Make sure to contact your realtor or lawyer to find out about any other forms you need to sign.
In Colorado real estate, when using a Realtor® or licensed agent, if anyone acts in bad faith, the main recourse is that the party who was wronged gets to keep the earnest money deposit. Either the buyer gets it back, if, for example, a seller decides they no longer want to sell and terminate the contract.
The earnest money can be held in escrow during the contract period by a title company, lawyer, bank, or brokerwhatever is specified in the contract. Most U.S. jurisdictions require that when a buyer timely and properly drops out of a contract, the money be returned within a brief period of time, say, 48 hours.
Buyers stand to lose their earnest money if they jump ship on a real estate transaction.But, if a buyer decides to cancel the contract for a reason not covered by a contract contingency, earnest money is generally forfeited to the seller.