Maryland Escrow Agreement for Sale of Real Property and Deposit of Earnest Money

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Multi-State
Control #:
US-01047BG
Format:
Word; 
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Description

An escrow is the deposit of a written instrument or something of value with a third person with instructions to deliver it to another when a stated condition is performed or a specified event occurs. The use of an escrow is most common in real estate sales transactions where the grantee deposits earnest money with the escrow agent to be delivered to the grantor upon consummation of the purchase and sale of the real estate and performance of other specified conditions.

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FAQ

The Maryland law that regulates real estate brokers, associate brokers, and salespersons requires that trust money be deposited in the broker's trust account promptly after both parties accept the contract of sale.

Earnest money is a financial commitment signaling the buyer's serious intent to purchase a home. The earnest money deposit is never given to the seller directly. It is usually put in an escrow account by a third party, such as the title company, and held until the closing date.

In real estate lingo the Earnest Money Deposit (EMD) is also known as the Good Faith Deposit in escrow lingo.

To prove the buyer's offer to purchase the property is made in good faith, the buyer makes an earnest money deposit (EMD). The buyer might be able to reclaim the earnest money deposit if something that was specified ahead of time in the contract goes wrong.

Maryland: Earnest money deposit must be deposited within 7 business days.

When property of any kind is placed in trust with a real estate broker, all property to be escrowed must be immediately deposited, upon receipt, by the real estate licensee.

Technically, according to the Maryland earnest money deposit law, earnest money in Maryland is not required. However, it's an initial deposit that is customarily submitted with an offer, and part of the contract, to purchase a house in Maryland.

An Earnest Money Deposit is made to represent a buyer's good faith in buying a home. The EMD is often given to your Real Estate Agent when the purchase agreement is signed. This EMD may be deposited by the listing or selling agent. The money is placed into an escrow account until the contract closes.

And to break it down even further, the earnest money deposit is just a fancy name for the security deposit that the buyer puts down at the beginning of a real estate deal. In essence, the buyer puts sends the EMD to escrow once a deal has been made as a show of good faith that they wont pull out of the transaction.

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Maryland Escrow Agreement for Sale of Real Property and Deposit of Earnest Money