How many days does a Seller have before disputed earnest money goes to the Clerk of Court?

When earnest money is disputed in a real estate transaction, the seller has a specific timeframe to resolve the dispute before the funds are turned over to the Clerk of Court. In North Carolina, this period is 90 days. If the dispute is not resolved within these 90 days, the earnest money must be deposited with the Clerk of Court as per North Carolina law.

The 90-day timeframe serves to encourage parties involved in the transaction to come to a resolution and helps prevent prolonged disputes over earnest money, which is intended to signify the buyer's good faith in proceeding with the purchase. This regulation ensures that funds are handled properly and transparently during disputes, promoting fair practices in real estate transactions.