You are depositing funds into the “Scott B. Umstead, PA Earnest Money Account.” The deposit represents Earnest Money pursuant to the Contract/Agreement to Purchase Real Property referenced on the payment screen. It is important that you not deposit funds with our office before the Contract/Agreement to Purchase Real Property is signed by all parties (i.e. “ratified” Contract). Whether you make the deposit on your own behalf or on behalf of a third party (individual or entity) other than yourself who/which is actual purchaser, you freely relinquish the funds to Scott B. Umstead, PA as Earnest Money and agree the funds will be held in trust and applied to the purchase price at closing. Other than when applied to purchase price at closing, the deposited funds can only be refunded in one of the following events:

A)All parties to the purchase contract consent;

B) Receipt by us of an Order by Court of competent jurisdiction directing disbursement to a particular party;

C) Your offer of purchase is rejected; or

D) Your offer of purchase is withdrawn prior to acceptance.

No disbursement will be made from the Scott B. Umstead, PA Earnest Money Account unless and until the deposited the sum is deemed “good funds.” Wired funds are deemed “good funds” immediately upon deposit, whereas e-checks and paper checks are regarded as “good funds” 21-31 days after deposit.

In the event you or anyone on your behalf attempts to stop payment, reverse a charge, recall a payment, etc. and/or if a check is returned NSF, closed account, etc., and same operates as a loss to Scott B. Umstead, PA, you understand and agree you and/or the purchaser(s) will be subject to legal action and in said event, you consent to venue and jurisdiction in Horry County, South Carolina and an award of attorney’s fees and costs incurred by Scott B. Umstead, PA in said action.

We regard these terms and conditions as necessary given the formality of our role as the Escrow Agent.