How is earnest money handled?
The earnest money deposit must be paid directly out of your Sterling Trust account. You cannot use personal money for the deposit and then be reimbursed later. To request payment of the earnest money deposit, send a copy of the contract or purchase agreement to Sterling Trust along with written authorization for Sterling to send the specified earnest money from your account to the title company or closing attorney. The contract or purchase agreement must reflect the buyer name as “Equity Trust Company, d/b/a Sterling Trust, Custodian FBO Accountholder Name, IRA #____”. The named buyer may not reflect the individual name of the accountholder or any other disqualified person with the intention of later assigning the contract to a Sterling Trust account.
