Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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KEEPING YOUR EARNEST MONEY SAFE

KEEPING YOUR EARNEST MONEY SAFE

 

When you make an offer on a house, it is accompanied by an earnest money check.  Earnest money is intended to demonstrate that you are "in earnest" about purchasing the property.  The earnest money check is made out to the title and escrow company.  What happens to this check?

 

The title and escrow company deposits the check and acts as an escrow agent until title transfer. 

 

 

At that time you will receive credit for the amount of your check against the down payment and closing costs.  

 

If you don't complete the transaction, the purchase contract determines the disposition of your earnest money funds.  Be sure to review this part of your contract with your Buyer Agent.

 

If you are in default on your agreement, the funds may go to the sellers.

 

Make sure you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. 

 

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About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with Haven Express @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Executive Officer - Haven Express @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - Haven Express @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
Haven Express
Keller Williams Arizona Realty

Comments

Hey tony,

Have you tried Promosiry Notes?  Tell me your experiences :)

I have not had good ones and I will share that with you.

Ray Saenz

 

 

Posted by Ray Saenz, Homes for Sale in Laredo, TX - Texas, Realtor (Exit Realty Laredo) almost 13 years ago
Cool blog dude!
Posted by Suzanne Marriott, Associate Broker, CLHMS, e-PRO (Keller Williams Arizona Realty) over 12 years ago

Promissory Notes, Contract Time Limit Worksheets, a couple of new ideas for the Marriott Group to investigate.  That's my side of "the house"!

Posted by Suzanne Marriott, Associate Broker, CLHMS, e-PRO (Keller Williams Arizona Realty) over 12 years ago

Ray Saenz I was remiss in the early days - just now catching up with comments from blog posts since day 1 - thanks for the comment - hope you are still in the 'Rain! This topic is still as relevant today as 9 years ago! No - still no prom notes!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (Haven Express @ Keller Williams Arizona Realty) almost 4 years ago

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