LLR SCREC Alert: Guidance Letter, Documenting Earnest Money at Lawyer’s Trust Account
The South Carolina Real Estate Commission (SCREC) issued a new guidance letter this week addressing how to handle trust funds held by an outside party (like an attorney or escrow agent) rather than the brokerage. Here is a quick overview: The Legal Requirement: Per S.C. Code §40-57-136(H), licensees are legally responsible for ensuring that trust… Continue Reading LLR SCREC Alert: Guidance Letter, Documenting Earnest Money at Lawyer’s Trust Account