Who is typically responsible for accepting the earnest money deposit in Kentucky?

In Kentucky, the responsibility for accepting the earnest money deposit typically falls on the listing broker. This practice is established to ensure that the earnest money is properly managed and safeguarded until closing. The listing broker acts on behalf of the seller and is tasked with ensuring that all transactions related to the sale of the property are conducted in accordance with established regulations and practices.

The listing broker also serves as a point of communication between the buyer and seller, facilitating the transaction and helping to maintain a clear record of all funds exchanged. Accepting the earnest money deposit is a crucial part of the process, as it shows good faith on the part of the buyer and secures their intention to proceed with the purchase.

While the buyer's agent may have a role in guiding the buyer through the process, they typically do not directly accept the earnest money deposit. Likewise, the buyer simply provides the funds, and the closing attorney typically becomes involved later in the transaction to finalize the sale rather than to handle the deposit itself.