I have a questions about good faith deposits.
When you are buying from a fsbo who gets the deposit? I know when a realtor is involved it goes into a their account and held until settlement.
In a fsbo does the owner keep the and cash the check?
you need someone to handle the transaction (either an atty, title co. etc). they shoudl hold that type of thing.
it is possibel in theory to complete a transaction without benefit atty/title co., but only between two very experience parties.
I would highly recommend you spend a couple of hundred dollars to make sure this transction is handled properly
Earnest money is usually held in escrow at the title company or with the closing attorney that you are using. The brokers in our state do not hold earnest money funds. Your state may be different.