Earnest Money Held by Title Company Addendum (Ohio Only)

Overview of the new addendum to use when the title company is holding the EMD

As many of you know, most purchase agreements do not address the earnest money(EMD) situation when a title company holds the EMD. The State of Ohio has asked brokerages to provide a form that gives clarity to all parties involved. Therefore, with the help of our legal counsel, we have developed a form titled, "Earnest Money Deposit Held by Title Company".

This form is mandatory for all closings where Key Realty is representing the buyer and the earnest money(EMD) is being held by a Title company.

The exceptions are below:
• If a listing broker is holding the EMD, this form is not required.
• If a title company provides a separate form for the Buyer to sign, this form is also not required.
Below is a preview of the new form. Please note the form has been added to the Dotloop Templates as well. 
Using the title company for the earnest money deposit is a win for all parties. This form will allow us to continue to use this process.
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