THIS PORTAL IS TO BE USED FOR THE PURPOSE OF DEPOSITING EARNEST MONEY FUNDS.
TO DEPOSIT EARNEST MONEY FUNDS EXCEEDING $20,000 OR TO DEPOSIT FUNDS FOR FINAL CLOSING PLEASE CONTACT US DIRECTLY.
Title Company receiving earnest money deposit funds does hereby agree to hold earnest money in the amount deposited through the EMD portal per the terms of the Purchase Agreement/Buy Sell Contract provided for the transaction.
Upon either closing the real estate transaction or receiving a mutually agreed upon written notice of cancellation of the transaction from all Parties, title company will be released and held harmless from any further liabilities concerning the deposit. By acceptance of the funds in escrow, title company is in no way assuming responsibilities for the validity or authenticity of the subject transaction.
Any dispute that the Parties may have regarding the disbursement of the earnest money deposit must be resolved by the Parties. In the event of litigation relating to the duties of either party relating to the escrow subject matter, it is understood and agreed that the Parties will indemnify and hold Title Company harmless against any loss or damages, including but not limited to attorney fees and court costs incurred because of the enforcement or attempted enforcement of this agreement.
After a period of six months, should the Parties fail to provide proper notification, cancellation or updates regarding the escrowed funds, a monthly processing fee of $30.00 shall be assessed. Monies remaining beyond the statutory period will be considered dormant and escheated to the State of Michigan.
In the event a dispute arises between the Parties, Title Company may at their discretion interplead and deposit the escrowed funds with a court of competent jurisdiction, and recoup expenses incurred, including costs and attorney fees. In this event, Title Company shall be fully released from any further obligation or duty under the terms and conditions of this agreement.
Use of this digital payment platform to deposit earnest money funds is an option provided for our customer’s convenience. The depositor assumes any loss associated with the use of this portal and further agrees to indemnify title company and its Underwriter from any and all loss, including attorney fees, associated with the use of this platform.
Funds deposited through this portal may take 2-3 days to post and cannot be reversed until posted.
