Service Areas
About Fatumo Sidow
OTHER LANGUAGES
HOBBIES/INTEREST
Credentials
LICENSE
Designation
Real Estate Investing
Licensed Realtor
REALTOR
Specialties
- Sellers
- Buyers
- Residential Property
Answered Questions
Hello Peter G. Earnest money is a deposit made to a Real Estate Seller at the time of the offer. The purpose of the deposit is to show the Buyer is serious about purchasing the Sellers property and will not be a waste of time. The money does result going towards the Buyers down payment. Earnest money is refundable. You can write in the offer contract that you would like to be refunded the earnest money before certain deadline. for example a Home Inspection Contingency. You can state when the home goes through an inspections, and you are not satisfied with the issues found with the house, you have the right to back out of the contract and get your earnest money back. Or another example; if your choice to purchase the property depends on whether you can receive a mortgage commitment. you can add in your contract a Mortgage Contingency. If you wait until the closing day to back out of the contract. The seller will be keeping your earnest money due to liquidated damages.
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