Question

A buyer offers to purchase a house in Spokane for $200,000 and provides a $12,000 earnest money deposit. The seller accepts the buyer's offer. Later the buyer defaults. Without considering that the seller may owe a commission to his agent, how much is the seller entitled to keep?

Answer 1

The answer is given below;

Step-by-step explanation:

The seller can hold amount to the maximum of $10,000 from earnest money deposit.The same will be placed in state pool trust account where the interest will be payable to the state. The difference of $2,000 may be repaid to the buyer subject to conditions of the agreement.