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Earnest money shows you’re serious
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What is Earnest Money
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Typically when an offer to purchase a house is made,
you, as the buyer, will also pay an “earnest money”
deposit. This deposit shows the seller that you’re
serious about the offer to purchase the property.
The amount of earnest money deposit varies based on
the type of property being purchased and local
market conditions. As your real estate professional,
I’ll help you determine the appropriate amount to
pay as an earnest money deposit.
The sales contract will dictate who holds the
earnest money. Usually the seller’s real estate
agent will deposit the earnest money in a trust or
escrow account until closing. At closing, the
earnest money is applied to the purchase price.
In the event the sale doesn’t close, the sales
agreement generally spells out the conditions under
which you would forfeit the earnest money. Generally
if the seller meets all the terms of the contract,
the seller will keep the earnest money. If the
seller does not meet the terms of the contract, you,
as the buyer, may receive a total or partial refund
of the earnest money.
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