How is the earnest money released?
As per the Virginia Regional Sales contract the money can be released in three methods: (i) Credited toward the Sales Price at Settlement;-Once the transaction is at the settlement table on the HUD/settlement sheet the amount will be credit to the buyer. (ii) All parties have agreed in writing as to its disposition. (iii) A court of competent jurisdiction orders disbursement and all appeal periods have expired; or, (iv) Disposed of in any other manner authorized by the laws and regulations of the appropriate jurisdiction.
