SCR Contract Update

The September 1st change returns the contract to pre-2012 procedures. The following are the ways that earnest money disputes are to be addressed going forward:

  1. Get a signed disbursement agreement from all parties (e.g. SCR518 release and disbursement agreement, SCR517 disbursement agreement, mediation agreement)
  2. Get a signed disbursement order by the appropriate judge (e.g. magistrate interpleader $7500 max, parties hire law firm and get a court order on earnest money).
  3. The contractual earnest money disburse language will remain so the judge will know to award the earnest money to the buyers. (SCR311 due diligence addendum, SCR310 financing contingency, SCR310 repair procedure, SCR310 appraisal contingency, SCR310 wood infestation section, SCR310 fire/casualty, SCR504 sale of other real property contingency, SCR391 permit contingency, SCR393 short sale contingency)

Watch SCR’s Forms Webinar for more information.