finance

Earnest Money: Next Banking Day Rule (Mississippi)

Mississippi brokers must deposit earnest money in a trust account before the close of business on the next banking day after the money is accepted once the parties have a mutually agreeable contract. Salespersons must hand deposits to the responsible broker immediately. Banking days exclude weekends and bank holidays. If the seller defaults, the broker has no right to any part of the deposit; the full deposit goes back to the buyer, and the broker pursues the seller for the commission.