The buyer, seller and broker all agree that the buyer's money will be placed in an interest-bearing account because the buyer is buying a commercial property that is scheduled to be rezoned in six months. The purchase price of the commercial property is $1.5 million so the interest for six months will be important at 8% interest. The parties agree that the broker is to receive the interest on the interest-bearing escrow account because he will be handling all the paperwork. Is this acceptable?
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Home » Business » The buyer, seller and broker all agree that the buyer's money will be placed in an interest-bearing account because the buyer is buying a commercial property that is scheduled to be rezoned in six months.