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June 26, 2025
Question

How to Record Deposit I paid for real estate purchase to seller's lawyer (in trust)

  • June 26, 2025
  • 0 replies
  • 1 view

Most advice I have seen on how to record such a transaction is for the seller. 

 

I am the buyer. I have paid a deposit to the seller's lawyer in trust. What kind of account would I set up to move the money to? Would Long-Term Assets be right, even though this is a deposit only?