Idaho § 54-2047 DISPUTED EARNEST MONEY

Idaho Statutes

§ 54-2047 — DISPUTED EARNEST MONEY

Idaho § 54-2047

Title 54PROFESSIONS, VOCATIONS, AND BUSINESSES

Ch. 20IDAHO REAL ESTATE LICENSE LAW

This text of Idaho § 54-2047 (DISPUTED EARNEST MONEY) is published on Counsel Stack Legal Research, covering Idaho primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Idaho Code § 54-2047 (2026).

Text

(1)Any time more than one (1) party to a transaction makes demand on funds or other consideration for which the broker is responsible, such as, but not limited to, earnest money deposits, the broker shall:

(a)Notify each party, in writing, of the demand of the other party; and

(b)Keep all parties to the transaction informed of any actions by the broker regarding the disputed funds or other consideration, including retention of the funds by the broker until the dispute is properly resolved.

(2)The broker may reasonably rely on the terms of the purchase and sale agreement or other written documents signed by both parties to determine how to disburse the disputed money and may, at the broker’s own discretion, make such disbursement. Discretionary disbursement by the broker based on a reas

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(1) Any time more than one (1) party to a transaction makes demand on funds or other consideration for which the broker is responsible, such as, but not limited to, earnest money deposits, the broker shall:
(a) Notify each party, in writing, of the demand of the other party; and
(b) Keep all parties to the transaction informed of any actions by the broker regarding the disputed funds or other consideration, including retention of the funds by the broker until the dispute is properly resolved.
(2) The broker may reasonably rely on the terms of the purchase and sale agreement or other written documents signed by both parties to determine how to disburse the disputed money and may, at the broker’s own discretion, make such disbursement. Discretionary disbursement by the broker based on a reasonable review of the known facts is not a violation of license law, but may subject the broker to civil liability.
(3) If the broker does not believe it is reasonably possible to disburse the disputed funds, the broker may hold the funds until ordered by a court of proper jurisdiction to make a disbursement. The broker shall give all parties written notice of any decision to hold the funds pending a court order for disbursement.