Successful Bidder and or Buyers not executing and returning contracts with
earnest money deposit within 24 hours will be considered in default.
Not exact matches
This makes determining the actual figure of an
earnest money deposit that works for both buyer and seller a negotiation
within the overall negotiation of the sale.
«If
earnest money isn't
deposited within 24 hours of receipt, there's a $ 300 fine,» Holt says.
Once your
earnest money is
deposited did nt you put in the contract you needed X amount of due diligence period and if the flood issue came up
within this time you could have pulled out.
The rule now says
earnest money must be
deposited into a trust fund
within three days of execution of the contract by the seller and buyer.
This
deposit is known as «
earnest money» and can be refunded to you if you walk away from the sale (
within the terms of your contract).