What is an Earnest Money Deposit? A Guide for Sellers and buyers
An
down payment deposit isn’t needed, as there are no laws mentioning that home offers require to have money cash to them. If you’ve consisted of a home assessment contingency in your offer and the home assessment exposes structural damage or major flaws, you may choose to cancel the home purchase and your down payment deposit will be repaid. Other things you can do to safeguard your earnest money consist of: Using an escrow account: Never offer funds straight to a home seller, or wire the cash to the property brokerage, title or attorney business without really first confirming the wire guidelines have really been sent out from a genuine source.
If you’ve consisted of a home assessment contingency in your deal and the home evaluation exposes structural damage or extreme defects, you might pick to cancel the home purchase and your earnest money deposit will be refunded. Other things you can do to safeguard your earnest money consist of: Using an escrow account: Never provide funds straight to a home seller, or wire the cash to the real estate brokerage, lawyer or title service without very first confirming the wire standards have been sent out from a legitimate source. If you miss out on out on a due date, the seller might state you’re in breach of arrangement, which advises they may end the agreement and keep your earnest money deposit.
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