Michigan Earnest Money Deposit Agreement, also known as the Earnest Money Receipt, is a legal document used to protect both the buyer and seller in the purchase and sale of real estate in the state of Michigan. This agreement outlines how much money the buyer must put down as a good faith deposit, as well as the procedures for the return of the deposit in the event of a failed transaction. There are two main types of Michigan Earnest Money Deposit Agreement: the Michigan Standard Earnest Money Deposit Agreement and the Michigan Multiple Counter-Offer Earnest Money Deposit Agreement. The Standard Earnest Money Deposit Agreement is used when a buyer makes an initial offer on a property. It states the amount of the deposit, how long the buyer has to make a counter-offer, and the conditions under which the deposit will be returned if the sale does not go through. The Multiple Counter-Offer Earnest Money Deposit Agreement is used when more than one buyer is making an offer on the same property. This agreement outlines the procedures for the return of the deposit in the event of a failed transaction and also specifies how the deposit will be distributed if more than one buyer is successful.
Michigan Earnest Money Deposit Agreement
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How to fill out Michigan Earnest Money Deposit Agreement?
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FAQ
FirstNameBuyer. LastName at this moment agrees to pay a sum of $(Total Purchase Price of the Property) for the property as outlined above or a cash equivalent. The buyer agrees to settle or discharge all previous debts and obligations of any nature within the county in which the said property is located. Buyer.
Most importantly, in the ?note? section at the bottom left corner of the check, write ?Earnest Money? or ?EM? and the address of the property you are buying. Please get at least a copy of your check (dated and with a signature of who received it) when you drop off your check.
If you use someone else's check as your earnest money deposit for a sales contract, you'll need to document at least the following: A copy of the initial earnest money deposit check from your alternative source. Evidence that the check cleared the original account.
Earnest Money. in the form of a certified check or cashier's check made payable to the State of Michigan in the amount of Ten percent (10%) of the purchase price (the ?Earnest Money?). The Earnest Money shall be credited to the Purchase Price at Closing.
Earnest money is put down before closing on a house to show you're serious about purchasing. It's also known as a good faith deposit. When a buyer and seller enter into a purchase agreement, the seller takes the home off the market while the transaction moves through the entire process to closing.
Contracts need to involve an exchange of something valuable, referred to in legal terms as ?consideration.? In the case of a real estate contract, that consideration would be the title (from the seller) and an earnest money deposit (from the buyer). Without that consideration, the contract is unenforceable.
Escrow companies will accept a cashier's check or wire, or a personal check for the earnest money deposit.
The escrow company holds your money until the seller delivers a clear and marketable title. You sign for the title and the money is then given to the seller. Request a receipt for any money that you hand over to a realtor, broker, or title company.
