How many days must a firm wait before filing an interpleader action forcing the buyer and seller to litigate their claims over the earnest money?

In the context of an interpleader action, a firm must wait 60 days before filing this action to resolve disputes over earnest money between a buyer and a seller. This specific time frame allows for a reasonable period during which the parties can attempt to reach a resolution on their own before the matter escalates to litigation.

The action serves as a legal tool for the firm to avoid liability by allowing the court to determine which party has rightful claim to the earnest money. After the 60 days, if no agreement is reached or if the claims remain in dispute, the firm is justified in initiating the interpleader process to seek judicial intervention.

Understanding this time frame is crucial for real estate professionals to ensure compliance with legal obligations and to protect themselves from potential disputes or claims arising from the handling of earnest money.