This form is an Assignment of Money Due. The assignor agrees to grant to the assignee all title and interest in a certain debt or money due as described in the agreement. The form also provides that it is the responsibility of the assignor to collect the debt.
Earnest Money For Due Diligence In Massachusetts
Category:
State:
Multi-State
Control #:
US-00422
Format:
Word;
Rich Text
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The deposit is sometimes referred to as the "earnest money deposit. The due diligence period in real estate is a crucial phase that allows buyers to thoroughly assess a property before completing the purchase.The standard NC contract also has a separate amount for earnest money which is not forfeited until due diligence closes. Earnest money is a deposit the buyer makes to the seller or a thirdparty escrow account as a sign of good faith. The main difference between due diligence money vs. Earnest money is that earnest money is refundable and the due diligence fee is usually not. Termination post due diligence puts the earnest money at risk. Sellers are expected to make the home available for the buyer and any inspectors. Most contracts include a due diligence deadline anywhere from seven days to two weeks after the agreement date. There's two earnest money deposits, the first one is due upon an accepted offer, and the second one is due upon signing the purchase and sale.
