Earnest money is the deposit money that you place into an escrow account when you are purchasing a property. Earnest money deposits are always made according to the real estate contract that has been drawn up and signed by all of the parties in the transaction. Whether or not earnest money payments are refundable depends on the real estate contract itself.

If properly negotiated, a contract will call for all earnest money deposits to be returned if the terms of the contract are not fulfilled.

Legal form: Return Request of Earnest Money Deposit

For example, a real estate contract for a purchase usually has a stipulation that states that the buyer must apply and be approved for mortgage financing within a certain amount of time.

If the buyer applies for a mortgage but is denied financing then the earnest money deposit can be returned to the buyer. As well, a contract might state that the seller has marketable title. It is not uncommon for contracts to explicitly state that there will be no refund of earnest money under any condition. Work at battersea dogs home is why it is so important to have a real estate attorney draw up a contract or to fully understand the terms of the contract.

Often, third party fees are paid out of forex exchange india money deposits.

For example, if an appraisal has been completed on the property then the appraisal fee is going to have to be paid before money can be released to either of the parties.

As well, many states have laws requiring the buyer and the seller to agree on the disbursement of these funds before they are refunded, which can lead to further problems and legal action, diminishing the value of the refund by the time and money spent on legal request earnest money returned. Sonic r forex strategy on the reason for the refund of the earnest money, it may be better just to walk away and forfeit the deposits.

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What is earnest money and is it possible to get a refund? Asked almost 11 years ago. Answered over 10 years ago. You Must Be Logged In To Answer Click Here To Login. Compare rates in your area: Refinance rates provided by.

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