Who holds the earnest funds

[Danick St jean]

Who holds the earnest money the buyers attorney or the seller's attorney. If the property is in a different state from where the buyer is , can we use the buyers attorney or the attorney in which the state the property is located? Is it better to locate a buyers attorney or can we use the sellers attorney and who should pay the closing cost? Buyer/seller or both?

[Jessica Zolotorofe]

Danick St jean In FL, Seller typically pays for title and Seller's attorney is often the title agent, but in states where there is a 3rd party agent, I prefer they hold escrow, especially with out of state attorneys. Otherwise, it is customary for the seller's counsel to take the deposit. If it's a really big deposit, make sure it's a reputable firm, I'm a little more wary of a solo practitioner, and sometimes ask for proof of E&O insurance just as an extra precaution.