Earnest Money Deposit on your new Buffalo home purchase
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.
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The property information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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