Washington 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
Bottom line: If they follow the letter and spirit of the contract, buyers can usually get their earnest money returned should they want to back out of the deal.
Settlement Sheet The earnest money deposit will be listed as a credit to the buyer, while any other funds owed will be listed as debits. The closing agent will add up all of the debits and credits for the buyer to get a final amount of funds required at closing.
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.
The provision requires buyer to deliver earnest money within two days following mutual acceptance. Buyer must deliver within two days following mutual acceptance regardless of whether buyer is delivering to buyer's broker or to escrow.
There is no standard requirement amount for earnest money deposits in Washington State. It's really up to the seller and the buyer. Some sellers request a specific dollar amount, but most just wait and see what the buyer has to offer.
First, it is important to understand the basic operation of Form 21, paragraph b, the statewide form provision that controls the deposit of earnest money. The provision requires buyer to deliver earnest money within two days following mutual acceptance.
Earnest money is usually due within three days of a signed and accepted offer. The earnest money check can be wired to an escrow account, or delivered to the seller's agent. It's important to get that money to the seller as soon as your offer has been accepted.
Can you back out of an accepted offer? The short answer: yes. When you sign a purchase agreement for real estate, you're legally bound to the contract terms, and you'll give the seller an upfront deposit called earnest money.
(b) "Earnest money" means money placed with a holder by a prospective buyer of residential real property to show a good-faith intention to perform pursuant to an executed purchase and sale agreement. (iv) A title insurance agent licensed pursuant to chapter 48.29 RCW.
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.