Answered

Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Our Q&A platform offers a seamless experience for finding reliable answers from experts in various disciplines. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

A buyer made an earnest money offer to purchase property, and the broker placed the funds in his trust account. After the seller's acceptance but prior to opening of escrow, the buyer informs the broker that he has revoked his offer and demands the return of the deposit. The broker, not wanting to be involved in the conflict with respect to the disposition of the deposit funds, deposited them with the appropriate court. This would be an example of

Sagot :

Parrain

Answer: Interpleader

Explanation:

The broker just engaged in an Interpleader action which is an action that allows a person who does not own a certain property to get the claimants to the property to go to court for it. The Court will then decide who should get the property after proceedings.

The Broker does not own the deposit but seeing as he did not want to get into trouble with either the Seller or the Buyer, he put the deposit with the courts so that they would decide who owns the deposit.

We hope our answers were useful. Return anytime for more information and answers to any other questions you have. Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.