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Earnest Money Release Requirements
Conditions or requirements necessary to release earnest money
Only 4 ways earnest money may be released:
1. Successful closing
2. Mutual Release signed by both parties authorizing the release and directing who is to receive it
3. A court order directing the disbursement
4. Ohio - 2 years after deposit provided the parties have not provided the broker written disbursement instructions or written notice of legal action.
Dotloop Release Form provides necessary approval for the disbursement of the earnest money.
If the seller will not cooperate, your buyer will either have to wait two years from the deposit date or initiate legal action.
Never promise your buyer that they will get their earnest money back or a seller they will get to keep the buyer's earnest money!