Keeping Your Earnest Money Safe
When you make an offer on a house, it is accompanied by an earnest money check. Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property. The earnest money check is made out to the listing company. What happens to this check?
The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds. Be sure to review this part of your contract with the real estate agent.
If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.
Do These Real Estate Tips Really Apply to YOU?
I've learned these tips through years of experience as a top real estate agent. But I know that YOUR situation might be different. That's why I'm here.
It's my job to personally advise homebuyers and sellers. Ask me if any tip that I've included here really applies to your situation.
Do any of these tips raise questions for you? Didn't find what you're looking for? Let me know! I am happy to answer ANY questions. It's my job! There's no obligation, and I promise to get back to you quickly...
What is the world's most capacious building?
The Boeing Company's main aircraft assembly plant in Everett, Washington, has been expanded to a capacity of 13.4 million cubic meters, or 473 million cubic feet.
|See More Real Estate Trivia >
Keller Williams Midtown Direct
181 Maplewood Ave
Maplewood, NJ 07040
Office Phone: 973-699-4505
Nancy is one of the top agents in Essex County. For five of the past eight year's she was a Million Dollar sales award recipient from the NCJAR. She is consistently one of the top agents in the KW Maplewood office and in the region.
With a background in architecture/planning, Nancy was previously a partner in a large NYC architectural firm. She brings corporate expertise in marketing and negotiations to her real estate business. Nancy also has an understanding of building and design which also is valuable to her clients.
www.msgould.com is brought to you by
NUMBER1EXPERT in real estate for
South Orange, West Orange, Maplewood and Millburn, New Jersey
Read Nancy Gould's
Terms of Service,
Free & Without Obligation Pledge
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.