Earnest money at closing
Most sellers like to see an offer accompanied by an earnest money deposit. A solid contract supplemented with an earnest money deposit shows a seller that you have both the resources and the desire to seal the deal.
Including a considerable deposit could even help your offer be selected over others. Keep in mind that as a buyer, you want to gain as many concessions as possible from the seller.
How to Protect Your Earnest Money Deposit
The best way to start any relationship is with a showing of good will. An ample deposit serves this purpose, and places buyers in a great position to negotiate more favorable contract terms. Buyers stand to lose their earnest money if they jump ship on a real estate transaction.
Most contracts have contingencies that allow buyers to walk away from a home. The best way to determine local customs is to talk to an experienced real estate agent. Your earnest money deposit could range anywhere from a couple hundred dollars to a few thousand. So much depends on the specific property, the competitiveness of the market and other market-specific factors.
Giving the money to earnest money at closing third party recent trends in indian stock market ppt agent protects the buyer from questionable sellers. The terms of the contract decide where earnest money lands if the contract is broken.
If the inspection reveals problems that are unacceptable to the buyer, the buyer can walk away from the home with his earnest money in tow. You also need to watch the expiration date on contingencies, as it can impact the return of funds.
A good contract with proper contingencies is essential in protecting your earnest money deposit. Backing out of a home loan can be a sticky legal situation. When you signed your contract for the home there were certain contingencies associated with buying the home. These contingencies are designed to keep you safe from the unexpected, and you can negotiate these conditions with the seller before signing the contract.
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Earnest money is paid at the time of your offer. Each state has very strict rules on how this deposit is managed until the transaction closes. The deposit is then applied to your closing costs or returned to you at closing.
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