David Saks: 23 Procedures For Buying A New Home : #17 The Earnest Money

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

23 Procedures For Buying A New Home : #17 The Earnest Money

                                           17

It's time to get serious !

The earnest money.

The money deposited by a buyer, which is given to the listing agent, demonstrates the buyer's serious intentions to proceed with the purchase of the home. (ya think?)

This is also a deposit which may be governed by the terms of the contract. This is money that may be applied to the purchase price of the home when the seller and buyer go to the closing table.

At the same time, this is money deposited in earnest towards the sale and purchase of the home which may be lost or defaulted if the buyer fails to perform a specific obligation agreed to under the terms of the contract.

What else does the earnest money represent?

Next: Delivering the Contracts




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • August 10 2008 03:48AM

Comments

Lots of great information.  Thanks very much.  Great Post

Posted by Andrew Johnson, Real Estate Service and Inventory Specialist (Touchstone Realty) over 11 years ago

Many thanks for your kind comment, Andrew. Hope you had a nice weekend.

Posted by David Saks ((retired)) over 11 years ago

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