When a transaction falls apart, what is the deadline for releasing the buyer’s deposit from a brokerage’s escrow account?
Rhode Island law requires a real estate brokerage that is holding the deposit in an escrow account to release it within 10 days after the brokerage receives a mutual release that has been signed by all parties to the transaction.
Warwick, R.I. – March 19, 2024 – The Rhode Island Association of Realtors reported that February sales of single-family homes experienced the first year-over-year increase in over two years. Despite the 13% uptick in sales from February of last year, which followed a drop in mortgage rates, closing activity remained well below normal.
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