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Updated about 1 year ago,
having the deposit go directly to seller before closing
Hi all,
I was under contract for a house, and all was well untill the sellers lawyer said that the security deposit must be given to the seller and not held in an escrow account. My lawyer told me this is insane because the seller could just walk away with the deposit monies. Or if the house gets damaged before closing than the seller could just walk away with the money.
Is this normal and or recommended? Btw its a probate sale that needs court approval