Illinois Escrow Agreement for Sale of Real Property with regard to Deposit of Earnest Money
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How to fill out Escrow Agreement For Sale Of Real Property With Regard To Deposit Of Earnest Money?
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FAQ
For most situations, when the sales contract or purchasing agreement is signed, the earnest money is issued. But it may also be added to the deal. After deposit, the funds are usually held until closing in an escrow account, at which stage the deposit is added to the down payment and closing costs of the buyer.
Earnest money is always returned to the buyer if the seller terminates the deal. While the buyer and seller can negotiate the earnest money deposit, it often ranges between 1% and 2% of the home's purchase price, depending on the market.
This money MUST BE DEPOSITED with the appropriate account or with the principal within 3 business days following receipt of the funds by the broker or the broker's salesperson. This is true unless the money is in the form of a check that is to be held uncashed until the offer has been accepted.
Earnest money is a percentage of the purchase price paid up front by the buyer and held in escrow by a third party called the "escrowee." The escrowee can be either the buyer or seller's broker or attorney or any other third party mutually agreed by the parties.
In most cases, earnest money is delivered when the sales contract or purchase agreement is signed, but it can also be attached to the offer. Once deposited, the funds are typically held in an escrow account until closing, at which time the deposit is applied to the buyer's down payment and closing costs.
The earnest money can be held in escrow during the contract period by a title company, lawyer, bank, or brokerwhatever is specified in the contract. Most U.S. jurisdictions require that when a buyer timely and properly drops out of a contract, the money be returned within a brief period of time, say, 48 hours.
Depending upon the circumstances, earnest money deposits can be refundable to the buyer if a contract is cancelled with just cause by either party.
In an escrow agreement, one partyusually a depositordeposits funds or an asset with the escrow agent until the time that the contract is fulfilled. Once the contractual conditions are met, the escrow agent will deliver the funds or other assets to the beneficiary.
After receipt of the escrow money, per the terms of the contract. 2) If the funds are received on a day prior to a bank holiday, or any other day on which the bank is closed, the funds shall then be deposited on the next business day the depository is open.
You may recall that paragraph six of the One to Four Family Residential Contract states that buyers must deliver the earnest money to the escrow agent within three days. However, it then states that if the third day falls on a weekend or legal holiday, the deadline is extended to the next business day.