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Real Estate Tips
Making An Offer >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 listing company. What happens to this check?

The party holding the check acts as an escrow agent until you go into closing. At that time you will receive credit for the amount of your check against the down payment and closing costs. Real estate brokers are required by law to keep escrow funds in a special account. These funds cannot be used to pay any other expenses associated with the sale. 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 the real estate agent.

If you are in default on your agreement, the funds may go to the sellers, so be sure that you understand the deadlines in order to avoid breach of contract and forfeiture of your deposit. If you have any questions, be sure to ask your real estate agent for advice.

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Real Estate Trivia
Q 
What little-known folk remedy is said to help keep bats away from your home?

A 
According to some rural homeowners, if you tar and feather a two-by-four board and place it in your yard, it will ward off bats!
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The Z Team, REALTORŪ, real estate agent and broker for Branson, Kimberling City and Shell Knob, Missouri home listings, property and land for sale

The Z Team
Keller Williams Tri-Lakes Realty

#5 Downing
Hollister, Mo.
Bill: 417-839-6093
Patty Z: 417-839-6319
Business: 417-883-4900
Fax: 417-883-9848
billzschoche@BestImageAgent.com
billzschoche@yahoo.com
pattyzschoche@yahoo.com

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