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.
Linda & Ryan Lowe RE/MAX Centre Realty 1375 Martin Street State College, PA. 16803 800-860-6226 ext. 305/352 814-231-8200 ext. 305/352 Fax: 814-861-4615 Email: lindalowe@aol.com ryanslowe@yahoo.com
Since Linda started selling real estate in 1988 she & her team have sold over 4000 properties and have given our buyers & sellers NUMBER ONE SERVICE!! This kind of experience cannot be found in books or classrooms. It comes only from meeting the needs and fulfilling the demands of hundreds of clients. Linda Lowe knows the techniques and methods that get results. She is continually looking for ways to increase her knowledge and better serve you. Linda's clients enjoy the benefits of a service-centered philosophy that puts top priority on meticulous attention to every detail. Combined with Linda Lowe's Team, you are assured a fast response to every question and concern and a smooth hassle-free transaction. License# RS167590L
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