If a defaulting buyer forfeits an earnest money deposit, based on the language of the colorado exclusive right to sell listing contract:

broker would receive the funds

seller is entitled to keep the funds

broker and seller would split the funds

broker and seller would submit the funds for mediation

Broker and Seller would split the funds

Explanation:

The contract specifically stipulates that the Broker and Seller will split the funds.

More about the process of transferring Earnest Money: The Colorado Contract to Buy and Sell Real Estate (the Purchase Contract) states that the agent keeping earnest money has five days to return earnest money to anyone who is supposed to receive it after receiving written instructions.

This is addressed in the Purchase Contact Broker Acknowledgments section.

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