South Carolina Escrow Agreement for Sale of Real Property with regard to Deposit of Earnest Money
Description
How to fill out Escrow Agreement For Sale Of Real Property With Regard To Deposit Of Earnest Money?
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FAQ
Typically, a purchaser will put down between 1 and 5 percent of the total purchase price. If a meeting of the minds is never met, the earnest money should be returned back to the payor. Otherwise, it is used to secure the contract and is held until the closing, release or default.
In South Carolina, this money sits in an escrow account, usually with your Realtor's company, until the closing is ready to take place. However, there are 3 ways you can lose this money (meaning the seller gets to keep the entire amount).
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.
Earnest money isn't always a requirement, but it could be a necessity if you're shopping in a competitive real estate market. Sellers tend to favor these good faith deposits because they want to ensure that the sale won't fall through. Earnest money can act as added insurance for both parties in the transaction.
A South Carolina real estate agency is required to deposit an earnest money check within 48 hours of acceptance of an offer. Earnest money is held in a 3rd party account and should never be commingled with operating expenses for the company.
The plain language of the contract clearly dictates the proper disbursement. For example, if the sales contract is contingent on an appraisal for $200,000 and the property appraises for $180,000, the Central Carolina REALTOR Association contract dictates earnest money be released to the buyer if the buyer terminates.
Before pulling out your checkbook, you should understand that this deposit will go towards the amount you pay at closing. In South Carolina, this money sits in an escrow account, usually with your Realtor's company, until the closing is ready to take place.
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.
If your offer is not accepted, you'll get back your deposit. Keep in mind that if you back out of an offer once it's accepted and all conditions have been met, you may forfeit the full amount of the deposit and may be liable for other costs incurred by the seller.