What is Earnest Money Deposit?
When you write an offer to purchase your Western New York dream home you will place an “earnest money” deposit. This deposit shows the seller that you’re serious about the offer to purchase the property. The amount of earnest money deposit varies based on the type of property being purchased. The sales contract will dictate who holds the earnest money. Usually the seller’s real estate agent will deposit the earnest money in a trust or escrow account until closing. At closing, the earnest money is applied to the purchase price.
What if the sale doesn’t close?
In the event the sale doesn’t close, the sales agreement generally spells out the conditions under which you would forfeit the earnest money. Generally if the seller meets all the terms of the contract, the seller will keep the earnest money. If the seller does not meet the terms of the contract, you, as the buyer, may receive a total or partial refund of the earnest money.
Need Help Purchasing a WNY Home?
Are you a first time homebuyer? If you are there are tons of resources on this site for your use in deciding important aspects of the purchase of a home including:
- How Buyers Can Save Money (and aggrevation) on their Niagara Falls Home Purchase
- Choices too much for today’s home buyers?
- Show me how to own a home!
- Excellent reasons to not purchase a Home
- Erie County First-time Home Buyer Program
- Why you should pre-qualify for a mortgage before you start your WNY home search!
I want to be that Buffalo Niagara Realtor® that you select. That is why I have created this resource for Real Estate buyers in Western New York. I have a wonderful group of Associates that are ready to assist with every aspect of the home purchase process. Interested in purchasing a WNY Home? Call me today at (716) 650-0051 and start the process of finding the perfect Western New York home.
Thinking of selling your Erie County home? Interested in finding out the current market value of your single family home, condo or investment property? Then call www.BestBuffaloHomes.com at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home. View additional WNY Market Area Statistics here.
Our Featured Homes for Sale:
All Statistics are gathered from the Buffalo Niagara Association of REALTORS®. Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2012 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.
