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Am
I allowed to take an earnest money
check when selling my Old Property?
The rule of thumb is that you
can't touch the money from the
sale of your Old Property; however,
you have until the closing of
your Old Property to decide whether
or not you want to go ahead with
an exchange.
So
the answer (contrary to what many
think) is yes. You can take a
check in your name, cash or whatever
form you wish. Just make sure
that you bring all the earnest
money to closing and hand it over
to the intermediary for the future
purchase of your New Property.
Any earnest money not brought
to closing will be taxable.
--The
Experts
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