130. ALL DEPOSITS FOR THE INITIAL DEPOSIT BELONG TO THE SELLER

If the purchase agreement shows a deposit you must actually have that check in your possession. If the buyer is unable or unwilling to give you a check you must write zero on the purchase agreement – the buyers later deposit can be written on the second line as additional deposit. Checks you receive from buyers should be made payable to an escrow company.

If the seller accepts the sale, regardless of who the check is made payable to, the check belongs to the seller. Escrow and/or Gilleran Griffin Company are only holding that check on behalf of the seller. Never return that check to the buyer unless you have written authorization to do so by the seller, even if the buyer tells you the check is no good. Do not return the check unless the seller says okay in writing, even a bum check belongs to the seller. By the way if the buyer tells you the check is no good you must immediately inform the seller of this information.

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