Fortunately, you can reduce the risk to your clients and to yourself by ensuring that all parties understand their rights and obligations
regarding earnest money deposits.
Not exact matches
Lastly,
regarding the amount provided in
earnest money as the buyer, do you offer the amount or do you let the seller offer and you counter with your «$ 10 or $ 25» you mentioned above?
Recommend that both parties retain attorneys to advise them
regarding the purchase agreement, contingencies, price,
earnest money, or other negotiated issues.
This is often done with no
regard to your financial interest and potential for losing your hard earned
earnest money deposit while in escrow if your loan will not approve.
We did all those things i started above, figured out what they wanted in
regards to closing time, offered
earnest money, showed pre approval letter and did a conventional loan, etc..
In response to the comments
regarding the real estate brokerage commissions, the Bureau also is adopting comment 38 (g)(4)-4 to clarify that the total amount of the real estate commission charged by any real estate brokerage must be disclosed under § 1026.38 (g)(4), regardless of the identity of the party that may hold any
earnest money deposit.
For example, Move does not hold or deliver keys to apartments or homes, does not offer payment protection, does not certify apartments, complexes or homes, does not verify or certify that persons you are dealing with are legitimate, does not offer to hold deposits,
earnest money, down - payments or other funds, does not offer escrow services and does not offer assurances or other guarantees
regarding particular apartments, homes or related transactions.