Georgia Earnest Money Check & Real Estate Agent
When you are in the process of buying a house, you will eventually need to put up an earnest money check in order to temporarily hold your dream home and enter into the escrow stage.
Earnest Money Check
An earnest money check does not contain the entire down payment for your new home, but instead is made in good faith of your intent to purchase the home as the contract finalizes.
Typically, earnest money checks are between one to three percent of the house’s price, depending on the pace of current market conditions and local custom. If you agree to a purchase contract in writing, then the earnest money check is usually due within three days. Your purchase contract spells out when your deposits are still refundable and when they become nonrefundable.
Using Deposits When Negotiating
Deposits can be important while negotiating depending on current buyer demand and on the seller’s overall motivation. Your real estate attorney can help you negotiate how far you can push to protect yourself.
How We Can Help
If you’re buying, selling, refinancing or have a question about the legal side of real estate, One Closing Source is ready to help. Contact us today.