Final answer:
The exact number of days the Designated Broker must wait before distributing earnest money after making a decision is not specified in the question and can vary by jurisdiction. It typically follows a legally mandated waiting period to allow for any objections or legal actions. Consult state laws and real estate commission regulations for precise information.
Step-by-step explanation:
When a contract falls apart and there is a dispute over the earnest money disposition, the Designated Broker acts as an intermediary. After notifying each party in writing of the demand by the other party, the Designated Broker may have to make a decision regarding whom the earnest money should be awarded. However, per standard real estate practices and regulations, which can vary by jurisdiction, typically there is a mandated waiting period after notifying each party of such decision before the money can actually be distributed. This period allows for any objections or potential legal actions by the dissenting party. It's crucial for the Designated Broker to comply with all legal stipulations to avoid liabilities.
In the provided information, it states that in case of failure to deliver possession of the residence, the OWNER or RESIDENT can terminate the agreement upon written notice, which implies that there should be clear communication and formal procedures followed in such cases. While the exact number of days may not be specified without reference to specific state laws or industry regulations, some regions may enforce a standard waiting period such as 30 days.
Always refer to the specific state laws and the governing Real Estate Commission's regulations to determine the exact waiting period required before distribution of earnest money upon a decision by the Designated Broker.